PROPOSITION 19: Property Tax Exemptions from Reassessment
Proposition 19 passed on Election day and will become effective April 1, 2021. This proposition may possibly benefit many homeowners who are over 55 years of age who are looking to sell and transfer their property tax base. This also includes, severely diabled homeowners and victims of natural disaster or wildfires.
Here are some brief key points:
- This only applies to a replacement primary residence
- The home can be located anywhere in the state.
- Purchase must be within 2 years of the sale.
- Up to three times (but without limitation for those whose houses were destroyed by fire).
- Replacement property can be higher in value (some possible adjustments may apply).
Proposition will supersede some previous rules established by proposition 60 and proposition 90. More information can be found on the San Diego County Assessor's website.
If you are 55 years and older and are thinking of selling your home and would like to see how Proposition 19 may benefit you please contact me at 619-726-1925.
‘Sell Your Place with Lyle and Grace”