Proposition 19 – What Is It?

Proposition 19 recently passed, amending California’s Constitution by expanding qualifications for the transfer of a property’s taxable value.
 
Beginning April 1, 2021, Prop 19 allows an owner of a primary residence who is over 55 years of age, severely disabled, or is a victim of a wildfire or natural disaster to transfer the taxable value of the primary residence to a replacement primary residence:
 
  • anywhere in California
  • purchased or newly constructed within two years
  • of any value with an upward adjustment for a more expensive replacement
  • The property tax base can be transferred up to three times for people meeting the criteria above.
 
Also, beginning February 16, 2021, Prop 19 narrows the rules for parent-to-child or grandparent-to-grandchild exemption for inherited properties. The child or grandchild can transfer the taxable value of the inherited property if:
 
  • the property is the principal residence of the child or grandchild or is a family farm;
  • the homeowner’s or disable veteran’s exemption is claimed within one year of the transfer to the child or grandchild;
  • the property is used as the principle residence and has a market value above $1 million, an upward adjustment in assessed value would occur.
 
If you have any questions about this, please contact Cove Canyon Realty at 949-500-3283 or Dave@CoveCanyon.com for more information.
 
Dave Csira

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