Are you a Californian looking to move but worried about high property taxes? California Proposition 19 might have a solution for you! Let’s break down how it works and what you need to do.
1. Who’s Eligible?
If you’re 55 or older, disabled, or a wildfire/disaster victim, you could be eligible. You can transfer your property tax base to a new place in California. Say goodbye to big tax hikes!
2. What’s the Benefit?
Before, only family members could do this. Now, eligible folks can move without losing their old property tax rate. It’s a big plus if you’re thinking of downsizing or changing neighborhoods. This was one of the reasons lawmakers pushed for Proposition 19 in the fist place.
3. Moving to a New Place
Want to move? Buy a new home for equal or less value than your current one. Your property tax base can follow you! Keep enjoying the lower rate you’re used to.
4. Applying is Easy
Fill out a simple form – it’s not complicated. Make sure you meet the eligibility requirements. You’ll need to show that you or your new property were affected by a wildfire or disaster if that’s the reason you’re applying.
5. When Can You Do It?
Starting April 1, 2021, you can apply. But be aware, there’s a 2-year window after selling your old place. Don’t miss out!
6. Watch Out for Changes
Remember, rules can change, so keep an eye on updates. But for now, Proposition 19 offers a chance to save on property taxes while making a fresh start.
In a nutshell, California Proposition 19 lets qualified folks take their lower property tax rate with them when they move. It’s a simpler way to make a move while keeping your finances in check. Just remember, deadlines and eligibility matter, so make sure you’re up to speed!
Thinking of buying a new house? We’ve helped 100’s of people make the move and we’re here to help you too. Schedule a Free No Hassle Consultation with one of our licensed team members
