Prop 19 Explained [PART TWO] | What is Proposition 19 and How Does it Work?
If you are not familiar with Proposition 19, check out Part One of this series here ➡️ https://youtu.be/2cZ9caMYvNs. Basically, this new law allows California homeowners aged 55+ to sell their primary residence and transfer their property tax base to their new residence.
Before Proposition 19 passed, Proposition 60 and 90 were in effect, which allowed homeowners 55+ to transfer their tax base, but with many more limitations: only certain counties participated, the transfer could only be used one time, and the new property had to be equal or lesser value than the original.
With Proposition 19, a tax base transfer can be completed anywhere in California, homeowners can utilize a tax base transfer up to three times, and the replacement property can be more expensive than the original home.
A question I get often is, “How do I do this?” or “How do I apply for this?” You can have your real estate attorney do this for you or you can do it yourself. Each county will have a form that you, as a homeowner, can fill out and submit to the county where your new primary residence is located.
If you have a specific question that was not answered here, please reach out to me at (949) 620-6206. I would love to help you strategize and prepare in the best way possible.