Have you thought about moving but are worried about property tax increases?
Then I have great news to share with you. There are new tax benefits you could be qualified to take
advantage of that will allow you to move without big tax increases.
With the passage of Proposition 19, homeowners who are 55+, severely disabled or victims of wildfire
or natural disaster may transfer their property tax base of their existing home to a new home
anywhere in California without price restriction. This is a significant improvement from the current law
that is confusing, unfair and limiting.
Prop 19 new tax benefits for homeowners 55+, severely disabled, or victims of wildfire or natural
disaster, as of April 1, 2021 include:
Moving anywhere in California: Prop 19 removes location restrictions on property tax transfers
allowing the transfer of the property tax base of an existing home to a new home anywhere in
Moving to any home regardless of price: Prop 19 removes price restrictions on property tax
transfers allowing the transfer of the property tax base of an existing home to a new home
regardless of price (with an adjustment upward to their tax basis if the replacement property is
of greater value).
Transferring the low property tax base of your original home to a new home up to THREE times.
This could result in savings of annual property tax. Give me a call for a free consultation and calculation scenerio.
This new tax benefits went into effect April, 1, 2021