Unlocking the Freedom to Move: Prop 19 and Your Next Chapter in California Real Estate
Attention to homeowners aged 55 and better: If you're feeling stuck in a home that no longer suits your lifestyle, there's good news with Prop 19. This proposition simplifies your move to a new home without facing a spike in property taxes. It's not just limited to seniors; Prop 19 also benefits those who are severely or permanently disabled, as well as individuals affected by wildfires or other natural disasters.
Here's what Prop 19 offers:
Retain your original taxable value when moving to a home of equal or lesser value anywhere in California.
Secure an adjusted taxable value when moving to a more expensive home within the state.
Transfer your taxable value to a new home up to three times.
Keep in mind your new home must be your primary residence.
With Proposition 19 You Can:
✔ Downsize
✔ Move closer to family
✔ Live near medical facilities
✔ Move to a more affordable area
✔ Relocate to any California County
…without hiking your Property taxes*
“Prop 19 allows seniors to transfer their home’s low tax base and move near family or medical care, or downsize anywhere in California without a tax increase.”
~ Deborah Howard, CALSAL Past President, California Senior Advocates League
*Purchasing a pricier replacement property will lead to an adjustment in your tax base. "Taxable value" encompasses the base year value plus inflationary adjustments, known as the factored base year value.
For comprehensive details, consult your accountant, tax attorney, and visit https://www.boe.ca.gov/PROP19/#FAQs.
Bottom Line
As your dedicated Realtor® and Seniors Real Estate Specialist®, I'm here to guide you every step of the way, ensuring a smooth transition from your current home to your next. Let's leverage Prop 19 together to find your perfect California oasis without the burden of increased property taxes.
CURIOUS ABOUT YOUR HOME’S VALUE?
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, insurance, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.