Proposition 19 Passes – Affecting Real Estate Tax Transfers
Today we have an update on the November election in regards to Proposition 19. California Association of Realtors announced,
“With more than 15 million votes counted, we are proud to announce the passage of Proposition 19, which received 51.1% of the more than 15.3 million votes cast. Proposition 19 is a win-win for California voters providing needed housing and tax relief for seniors and wildfire victims, and generating much needed revenue for schools, fire districts, cities, and counties as they face budget shortfalls due to the harmful economic impact of COVID-19.”*
Information about Proposition 19 in California
What did California voting YES on Prop 19 entail? According to Ballotpedia**:
* allow eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment;
* increase the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three;
* require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred; and
* allocate additional revenue or net savings resulting from the ballot measure to wildfire agencies and counties.”
Who Does Proposition 19 Affect?
As a real estate brokerage, we advocate for home ownership and home owner’s rights. We care about these election results because they affect our business, our clients, and the economy of our state. As information about Proposition 19 is released and the practical application and paths are more clear, we will be a resource for home owners and home buyers. If hearing about Proposition 19 passing prompts you to consider a move, then contact us today to learn more about your options. We provide free home value analysis reports and can meet virtually or in-person (following all necessary COVID precautions).