If your would like to take advantage of Proposition 19 and relocate anywhere in the state of California, I can put you in touch with home builders and top agents in each region. My job is not done
California Proposition 19
Dated: April 4 2021
Views: 76
If your would like to take advantage of Proposition 19 and relocate anywhere in the state of California, I can put you in touch with home builders and top agents in each region. My job is not done until you are settled into your new home. Call or email me today to get started.
David Chrisp | CA-01483525 | 925-243-7094 | David@davidchrispre.com
Eligible Homeowners
Effective April 1, 2021, location restrictions will be removed allowing eligible homeowners to:
- Move Anywhere in the State - the taxable value of a primary residence may be transferred to a replacement primary residence anywhere within the state, as long as it is within two years of the sale of the original primary residence.
- Purchase a more Expensive Home - a home of greater market value may be purchased without incurring a substantial increase in taxable value. the property tax bill would still go up but not as much as it would for other homebuyers.
- Increase the Use of the Transfer - homeowners who are over 55 or severely disabled could transfer the property's taxable value up to three times in their lifetime. victims of wildfire or other natural disasters are allowed a once in a lifetime transfer.
Inherited Properties
Effective February 16, 2021, the following qualifications will apply to inherited properties:
- Continued use as Primary Residence or Family Farm - the reassessment exemption on inherited properties would apply only if the property is used by the child (Or grandchild under certain circumstances) as their primary residence, or if the property is a family farm. properties used for other purposes would not qualify for the exemption.
- Increase for High Value Inherited Homes and Farms - if the current market value of an inherited property exceeds the parent's taxable value by more than $1 million, then the child's taxable value shall be assessed as the current market value less $1 million*.
*The State Board of equalization shall adjust the $1 million amount of inflation beginning on February 16, 2023 and every two years thereafter.
David Chrisp
I grew up with a wrench in one hand a shovel in the other. The value of hard work was instilled upon me at an early age working for my father's construction company. In 2005 I decided to start a new c....
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