Prop 19 in California passed during the November 2020 election. But what does that mean? And how can this help long time homeowners make a move and take their LOW tax base with them?
Eligible homeowners can now transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment. It increased the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three, and it now requires inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred.
If you still have questions or want more information on Prop 19, give us a call!