Proposition 19 came into effect on April 1st of this year. As it is the 19th today, I thought it would be an appropriate moment to give you a brief snapshot of how this Proposition can help you.
Many people have benefited from Proposition 13 which in 1978 fixed the property tax base of our homes to that date and allowed for an inflationary rise of no more that 2% per annum, unless purchased by a new owner or on completion of new construction added to the home. In those cases, it is reassessed at the true market value.
This new Proposition 19 was put in place to help California’s growing senior population. It benefits those aged 55 and above, those with severe disabilities and wildfire victims. If you fall into any of these categories, this Proposition’s highlight is that you can purchase a new home anywhere in California and transfer your home’s low Proposition 13 tax base, even if your new home is priced higher than your existing one. Not only that, but you are permitted to take advantage of this great property tax saving not once, but 3 times.
If you have been delaying selling your home because of the concern of incurring higher property taxes, that concern can now be taken off the table.
Call me today for more information on Prop 19 and how you can benefit from selling now. (408) 832-2912
The information contained herein is intended to provide general information and is not intended as a substitute for individual legal advice. Specific examples used are only general examples, and the actual amount of property taxes owed for any person will depend on the specific situation of the individual and a wide variety of other factors. Therefore, all persons are directed to seek the advice of an attorney regarding their specific tax and legal situation.