Proposition 19 provides property tax relief and new opportunities
Proposition 19 (“Prop 19”), went into effect in April 2021. The legislation protects thousands of Californians while generating thousands of more housing opportunities for first-time buyers.
Under Prop. 19, certain people can transfer the base taxable value of their primary residence to a replacement primary residence anywhere in the state. Those people include individuals over the age of 55 who own their primary residence. Others include individuals who are severely disabled or the victims of a wildfire or natural disaster. Many of these people can avoid some or all of the higher property tax that might accompanying the purchase of a primary home.
Of course, navigating the complexities of Prop 19 can be tricky. That’s especially true if you’re not a licensed real estate salesperson, broker, tax advisor, financial planner or attorney. We’re here to help. As experts in California real estate, the Turner DeMarco + Friedman team can provide you some answers and resources that can help you make the best decisions for you own situation. Contact us today to tell us about your needs and we’ll explain how we can help you achieve them.