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November 19, 2020

Prop. 19 Offers New Opportunities for Tax Base Transfer

Homeowners age 55 and over have a lot more options when it comes to transferring the tax base of their principal residence to a new home.

Prop 19 prevailed in our recent election, and will let these homeowners move anywhere within California and still retain their original tax base. This benefit was previously limited to a few California “reciprocal” counties, as well as the county in which you were selling.

You can also purchase a home that’s worth more than your current home, though you’ll have to add the difference between the price of both homes to the new tax base. And you can do this type of transfer three times.

A couple ground rules:
– The sale of your original home or the purchase or new construction of your replacement home must occur on or after April 1, 2021
– You must own or reside in the original property at the time of sale or withint two years of the purchase or new construction of your replacement property.

This is a big deal, as I’ve known many homeowners interested in retiring to other areas within our state but can’t afford to increase their property tax payments. If you’ve been dreaming of moving to popular places like San Diego, Sonoma, or Napa, you can rest easy knowing you’ll be able to retain your tax base. Feel free to contact me at | 415.823.4656 if you’d like to start planning your move.

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