By Deborah Cole
The California Association of Realtors has launched a website to assist homeowners with the new legislation to see if they qualify for transferring the tax basis from their current home sale to their new home purchase and how it works. Go here for more information.
From C.A.R. Prop 19 website:
On or after April 1, California homeowners can realize significant annual property tax savings under Proposition 19. It removes location and price restrictions to allow homeowners who are 55 or older, severely disabled, or victims of wildfires or natural disasters to:
- Purchase a replacement home anywhere in California and transfer the taxable value of their current home, allowing them to realize significant annual property tax savings.
- Move closer to family or medical care, purchase a home that better meets their needs, replace a fire-damaged home, or retire or relocate anywhere in the state without a tax increase.
- Save substantially in annual property taxes when moving to a replacement home, even if the replacement home is more expensive than the original primary residence (with an adjustment upward to their tax basis if the replacement property is of greater value).
- Transfer the low property tax base of their original home to a new home up to three times.
Go here for more information.