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Transferring your homes tax base

Tuesday Tips and Resources – Transferring your homes tax base

Prop 19 came into effect earlier this year, but some people still have questions on what it is and how it can potentially affect them. Prop 19 has two parts: one for people who are moving and one for people who have inherited a property.

– It allows a person over age 55, or severely disabled of any age, to transfer the “taxable value” of their primary residence to a replacement residence anywhere in the state of California up to three times. Home purchased can be of equal or greater value than the home that was sold.
– The one downside to Prop 19 is the affect it has on those who have inherited a home. Within one year of Prop 19 going into affect (starting April 1, 2021) those who have inherited the home will have to move into the home and make it their primary residence to keep the current tax base. If they don’t, the current tax base will be reassessed and it could increase.

We are NOT tax experts so always speak with a licensed CPA to get clarification or if you want more information. But we are always here to help answer your real estate questions. Give us a call anytime!

Lisa Doyle REALTOR® | DRE# 01149880
The Doyle Team with Sereno | 925-890-7443

T.J. Smith REALTOR® | DRE# 01991986
The Doyle Team with Sereno | 925-683-0076

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