You’ve heard that you can transfer your property tax base under California’s Prop 19 when selling your primary residence at age 55 or older. But how do you actually do this after you’ve purchased that perfect wine country retirement home?
First, get claim form BOE-19-B (Claim for Transfer of Base Year Value to Replacement Primary Residence for Persons At Least Age 55 Years), as per the California Board of Equalization) from the County Assessor’s office where the replacement property is located.
Complete that form and submit it to the same office. To qualify for this transfer, you need to file the claim within three years of the date you purchased or completed construction of your replacement home. (But keep in mind you need to complete the replacement property purchase within two years of the home you’ve sold.)
Click here for a quick Prop 19 Fact Sheet that will give you more info on everything involved with a property tax base transfer.
And please get in touch with me, Eileen Bermingham (eileen@insidesfre.com | 415.823.4656), if you’re planning to buy or sell a home in San Francisco. I am always happy to consult and help you strategize at no cost. I also have a great agent network that can assist you if you’re buying or selling property outside of San Francisco.