Property Tax Savings with Proposition 19

California's Proposition 19, passed in November 2020, has brought significant changes to the state's property tax landscape, particularly benefiting seniors and other eligible homeowners. This proposition allows homeowners who are over 55, severely disabled, or victims of natural disasters to transfer their existing property tax base to a new home anywhere in California. This can be done up to three times. The result can be a substantial property tax savings and can provide greater flexibility for those looking to relocate.

One of the primary advantages of Proposition 19 is that it enables seniors to downsize or move closer to family without facing a dramatic increase in property taxes. Previously, moving to a new home often meant a reassessment of the property's value at current market rates, which could lead to significantly higher taxes. Under Prop 19, eligible homeowners can transfer their lower tax base up to three times, ensuring they maintain affordable property taxes even if they decide to move multiple times.

Here's a general example of one scenario which illustrates how this can be used to save on property taxes.

In addition to aiding seniors and disabled homeowners, Proposition 19 also helps those affected by natural disasters such as wildfires. By allowing these individuals to transfer their tax base when rebuilding or relocating within California, Prop 19 offers much-needed financial relief during challenging times.

Overall, Proposition 19 provides significant property tax savings and increased mobility for eligible Californians. Whether you are looking to downsize, move closer to loved ones, or rebuild after a disaster, this measure ensures that your property taxes remain manageable as you transition into your next home.

For more specifics or to find out if you're eligible just reach out to me or check here. Property Tax Savings