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California’s Proposition 19 basics

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  • California’s Proposition 19 basics

Hi everyone!

We have been receiving many inquiries regarding Proposition 19 over the last few years. Happy to clear up the main points.

Just a note before we start: Although this law focuses on CA homeowners who are over 55 years old, please also make sure you understand proposition 19 regardless of age as it may help you with retirement planning or have an impact on your inheritance.

In November 2020, Proposition 19 was approved by the voters. It allows seniors (55+) and those that are disabled to sell their home and buy a new one without experiencing an increase in property taxes. It took effect in April 2021 and applies to anywhere in the state. If you are a senior homeowner who plans to move within the state, you are allowed to transfer your property tax assessment anywhere.

However, Proposition 19 also has its downside. It requires that inherited homes that are not used as primary residence be reassessed at Fair Market Value when transferring. That means the tax benefits for transfer between parents and children and between grandparents and grandchildren are reduced.

If you are planning for your retirement or planning for your children or grandchildren, it is important you understand how Proposition 19 works and what impact it may have on your case.

Feel free to contact us below if interested or if you have any questions. Much appreciated.

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free

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