QUESTION: WHAT IS PROPOSITION 19, AND DO I QUALIFY FOR IT?
ANSWER:
Proposition 19 allows qualified homeowners to transfer their existing tax base to a new residence. Here's who qualifies:
Individuals 55+ or older at time of sale. They may do this up to 3 times.
Homeowners who are severely and permanently disabled. They too are able to do this up to 3 times.
Qualifying victims of wildfire or other natural disasters. Property must have sustained more than 50% damage, and you are allowed a new replacement up to once per disaster.
Proposition 19 even extends to those who inherit property from a parent or grandparent, providing the home is used as a primary residence.
"The replacement property can be located anywhere in California, and the market value of the replacement property is not limited. However, any amount that the replacement property's market value exceeds the original property's market value is added to the transferred value."
Last month we helped a senior client relocate from her single family home in West Hills to a 55+ community in northern California to be closer to family. Utilizing Prop 19 saved her thousands of dollars, and made this big life transition just a little bit easier on her. Every penny counts when making a move, especially a major one like this!
Some stipulations do apply to Prop 19. If you have any questions regarding it, or any other real estate related questions, we’d love to chat with you! Give us a call at 818-590-4246.
Here is information from the California State Board of Equalization regarding Proposition 19.
Brought to you by:
Jessica Carter l DRE #01490419 l 818.590.4246 l JessicaCarterHomes@gmail.com
"Your Fountainwood neighbor and local area specialist"
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