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Proposition 19

By
Real Estate Agent with Santa Barbara Real Estate 00898298

Proposition 19 went into effect on April 1, 2021, protecting millions of older homeowners, homeowners with severe disabilities, and victims of wildfires or natural disasters.

As older homeowners move to senior housing, retirement communities, condos, and smaller homes, more homeownership opportunities will open up in communities throughout California each year for renters, young families, and first-time homebuyers.

Proposition 19 allows victims of wildfire or natural disasters to transfer the property tax base of their damaged house to a replacement home anywhere in California.

Proposition 19 also frees up inventory by offering these considerations.

TAX SAVINGS FOR OLDER HOMEOWNERS

Thanks to Prop 19, seniors, retirees, and all homeowners aged 55+ can move closer to family, medical care, or to a home that better meets their needs anywhere in California without a
tax penalty.

Proposition 19 removed unfair location and price restrictions, allowing older homeowners to transfer the tax base of their home to a new home. *

SAVINGS FOR HOMEOWNERS WITH SEVERE DISABILITIES

Proposition 19 also removed unfair restrictions on Californias with severe disabilities, allowing homeowners to move a replacement home anywhere in California without a tax penalty. *

Under Proposition 19, homeowners with severe disabilities can transfer the tax base of their existing home to a replacement home up to three times.

HOUSING RELIEF FOR VICTIMS OF WILDFIRE AND NATURAL DISASTER

After wildfires destroyed more than 24,000 family homes in the past few years, wildfire victims have faced massive property tax hikes when relocating to another home.   Proposition 19 allows victims of wildfire or natural disasters to transfer the property tax base of their damaged house to a replacement home anywhere in California. *

INCREASED INVENTORY FOR YOUNG FAMILIES & FIRST TIME BUYERS

Millions of older homeowners feel trapped in homes that no longer meet their needs - they want to move to senior housing or retirement communities or downsize to smaller homes. Proposition 19 lets them move without a tax penalty. *  As more seniors take advantage of Proposition 19’s tax savings, homeownership opportunities will open up for renters, young families, and first-time homebuyers in communities throughout California.

  • We are not Tax Experts, Escrow or Title Officers, or Attorneys. If you’re considering selling your home you'll find these resources can prove very helpful. We're happy to provide resources.

HELPFUL LINKS:

Proposition 19 California State Board of Equalizations

Proposition 19 Check List / Fact Sheet

Posted by

Mark Danforth Lomas