California Proposition 19, better known as the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act, is an innovative Constitutional Amendment that presents exciting new possibilities for property owners. This groundbreaking legislation brings forth fresh limits on property tax benefits for inherited family property, promoting fairness and flexibility within the system.
One of the key aspects of Proposition 19 revolves around preserving the lower property tax base for children inheriting their parents’ property. Under this amendment, children can maintain the favorable property tax rate exclusively if they choose to reside in the property as their principal residence, following in their parents’ footsteps. This provision aims to honor family ties and ensure the continuation of cherished legacies.
Moreover, Proposition 19 offers homeowners who are over 55 years of age, disabled, or victims of wildfires or natural disasters an extraordinary opportunity to transfer their lower assessed property value to a newly purchased or constructed replacement principal residence. This exciting provision can be utilized up to three times, allowing individuals to make fresh starts in the aftermath of unfortunate events. The best part? The transfer of the tax base can occur anywhere within the beautiful state of California, giving homeowners the freedom to choose their next dream location.
In light of these groundbreaking changes, it is essential to be prepared for your next escrow. To facilitate a seamless transition and ensure compliance, there may be additional forms required for eligible transactions. To assist you further, we have developed a convenient calculator that enables you to estimate your property taxes under Proposition 19 quickly and effortlessly. This tool will provide invaluable insights and help you make informed decisions about your future.
If you’re eager to explore the possibilities that Proposition 19 offers and discover if now is the right time to make a move in this dynamic market, don’t hesitate to reach out. You can call or text me at 310-382-4076, or simply send an email to info@luisaarmas.com. Additionally, we invite you to visit our website, where you can obtain a free, no-cost home valuation. I am here to guide you every step of the way, turning your dreams into reality.
Go to https://prop19.chicagotitle.info/ to see an estimated property taxes under Prop 19 quickly and easily.
Embrace the opportunities that California Proposition 19 presents and embark on a new chapter filled with endless potential.