What this means to you: Prop 19 can help more than retiring seniors, and in more ways than one
With the introduction of Prop 19 in 2021, many home buyers and those inheriting real estate in the state of California are realizing much needed relief from increased property taxes.
If you are over 55, disabled or lost a house due to disaster, transferring a lower prior property tax basis to a new property can make buying a new house possible due to the savings of thousands of dollars a year. For those inheriting from a parent or a grandparent, here too, the property tax savings from not being reassessed can pave the way to keeping the inherited property versus having to sell it.
Click here to read the official California State Board of Equalization explanations of the following scenarios where Prop 19 comes into play. As you scroll the document, notice the sequence of topics:
Intergenerational Transfers
• Transfers Between Parents and Children
• Transfers Between Grandparents and Grandchildren
Base Year Value (See a handy calculator courtesy of Danelle Workman of Fidelity National Title – https://prop19.titletools.net/)
• Seniors and Severely Disabled
• Disaster Victims
You may still have questions about this subject. We are delighted to help. Please contact us anytime!
Sharon Currie is a Realtor (#01357602) with RE/MAX Gold and operations manager for the Betsy Hamilton Real Estate Team. Contact her at Sh****@Be***********.com. Visit www.BetsyHamilton.com for more information.
