Real Estate TipsUncategorized April 22, 2021

Prop 19 – What does it mean for you?

TAX SAVINGS FOR OLDER HOMEOWNERS

Thanks to Prop 19, seniors, retirees, and all homeowners aged 55+ can move closer to family, medical care, or to a home that better meets their needs anywhere in California without a tax penalty.

Prop 19 removed unfair location and price restrictions, allowing older homeowners to transfer the tax base of their home to a new home.*

SAVINGS FOR HOMEOWNERS WITH SEVERE DISABILITIES

Prop 19 also removed unfair restrictions on Californians with severe disabilities, allowing homeowners to move to a replacement home anywhere in California without
a tax penalty.*

Under Prop 19, homeowners with severe disabilities can transfer the tax base of their existing home to a replacement home up to three times.

HOUSING RELIEF FOR VICTIMS OF WILDFIRE AND NATURAL DISASTER

After wildfires destroyed more than 24,000 family homes in the past few years, wildfire victims have faced massive property tax hikes when relocating to another home.

Prop 19 allows victims of wildfire or natural disaster to transfer theproperty tax base of their damaged house to a replacement home anywhere in California.*

INCREASED INVENTORY FOR YOUNG FAMILIES & FIRST-TIME BUYERS

Millions of older homeowners feel trapped in homes that no longer meet their needs — they want to move to senior housing or retirement communities, or downsize to smaller homes. Prop 19 lets them move without a tax penalty.*

As more seniors take advantage of Prop 19’s tax savings, homeownership opportunities will open up each year for renters, young families, and first-time homebuyers in communities throughout California.

* With an adjustment upward in the tax basis if the replacement property is of greater value

For information click the image above or visit this website:

https://www.caprop19.org/

 

Source:  © CALIFORNIA ASSOCIATION OF REALTORS®