Are Property Taxes Holding You Hostage?

Recent Changes In The Law May Be Working In Your Favor

You want to sell your home and possibly move to another area, but you bought your present home when prices were much lower than now, and your property taxes are not that much more than they were then. How can you afford to move?

Proposition 19, passed in 2020, and effective December 16th, 2020, changed everything

Prior to Proposition 19, there were two other laws that related to property transfers in California that were much more restrictive. Propositions 60 and 90. Under these rules, you had to buy in the same county, or  to one of a small number of counties that cooperated. The home you were moving to had to be of equal or lesser value, and you could only take advantage of this property tax transfer once.

Changes from Propositions 60 and 90

Under Proposition 19, if you are 55 or over, severely disabled, or a victim of a wildfire or natural disaster, you can now sell your principal residence, and buy another home anywhere in California and take your property tax base with you.

You can now do this multiple times if you want. There will be an adjustment made if the home you buy is more expensive than your present one, but the whole procedure is quite straightforward and with minimal paperwork.

For more information, visit the California State Board of Equalization website at boe.ca.gov.