Realtor®

Prop 19: Transferring Your Property Tax Basis

What is Prop 19?

Proposition 19 changed the rules for tax assessment transfers. In California, eligible homeowners could transfer their tax assessments to a different home of the same or lesser market value, which allowed them to move without paying higher property taxes.

What are the new rules?

 

  • Homeowners over the age of 55 may transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment. Previously the replacement home had to be less expensive and located within certain cooperating counties.
  • The number of times that eligible homeowners may utilize this benefit is three times. Previously it was only one.
  • Homes which are inherited and not used as principal residences will be reassessed at market value when transferred. Previously properties could be passed down to heirs without triggering a tax reassessment.
  • Additional revenue or net savings resulting from the ballot measure to be directed to wildfire agencies and counties.

 

Are you considering making a move? Let’s have a strategy conversation!

 

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