Armario Homes Real Estate Team has experienced many clients who have owned their home for 20+ years and wanted to relocate for numerous reasons but felt trapped by their fixed property tax base. Proposition 19 will allow Seniors to move closer to loved ones, medical care, or to a home that better meets their needs, without incurring a tax hike. As certified Seniors Real Estate Specialist®, our DeAnna Armario can help you relocate to or from the Tri-Valley with ease and peace of mind. Whether you are moving to Pleasanton to be closer to your loved ones, or leaving Livermore, here is how Proposition 19 could potentially apply to you:
Proposition 19 Overview:
Proposition 19 expands qualifications for the transfer of a property’s taxable value. Starting April 1, 2021, Proposition 19 allows an owner of a primary residence, who is over the age of 55, severely disabled, or a victim of a wild fire or natural disaster to transfer the taxable value of the primary residence to another primary residence anywhere in California.
Who benefits from Prop 19?
- Individuals Age 55+
As an older homeowner who may feel trapped in a house that no longer meets your needs, Prop 19 makes it easier to move without obtaining a property tax increase. Seniors can take advantage of Prop 19 through the following methods:
- Keep your original Prop 13 tax base when moving to a home of equal or lesser value anywhere in California
- Secure an adjusted tax rate based on your Prop 13 base when moving to another home more expensive anywhere in California
- Transfer your original tax base to a new home up to three times in your life
- Victims of Wildfires & Natural Disasters
As thousands of Californians have suffered the loss of their home due to wildfires, Prop 19 will allow individuals to move to a new home without increasing their property tax. Here is how Disaster Victims can take advantage of Proposition 19:
- Keep your original Prop 13 tax base when moving to a home of equal or lesser value anywhere in California
- Secure an adjusted tax rate based on your Prop 13 base when moving to another home more expensive anywhere in California
- Transfer your original tax base to a new home up to three times or more in your life
- Those Severely Disabled:
Prop 19 allows those with a severe disability to move to new, more accessible homes, without increasing their current property tax. These individuals can take advantage of Prop 19 through the following methods:
- Keep the original tax base of your home when moving to a home of equal or lesser value anywhere in California
- Secure adjusted tax rate based on your Prop 13 base when moving to a more expensive home anywhere in California
- Transfer your original tac base to a new home an unlimited amount of times throughout your life
If you would like to know more about Prop 19, or how you can benefit from the Proposition, please contact our Team today.
Sources: https://www.boe.ca.gov/prop19/