Prop 19 - What Does it Mean for Homeowners?
Jacolyn Bron - Bron Realty Group
In November of 2020, California passed Prop 19 which further expands on Prop 60/90. Proposition 19 came into effect on April 1st, 2021.
Proposition 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence (with certain limitations).
Proposition 19 can be used up to three times (or once per disaster).
The tax base may be transferred to a property located anywhere in the state.
With Prop 19, you can purchase a home that is also more expensive than the one you sold and still carry over your original property tax basis but there are limitations.
Here are some great resources.
https://www.youtube.com/watch?v=YduZQNMcYXw For specifics on what Prop 19 is and how it works with property tax value transfers start watching at 11 min. 35 seconds. Carmen Chu was the city's assessor-recorder for San Francisco at the time of this video.
For more information you can go to: https://assessor.lacounty.gov/homeowners/proposition-19
To see how Proposition 19 could affect your property tax status, please consult a CPA or other licensed tax professional.