is in effect as of April 1, 2021. If you’re thinking of selling your home, this news may benefit you!
With the passage of Proposition 19, a homeowner who is 55 and over, or severely disabled, or whose home has been substantially damaged by wildfire or other natural disaster, may transfer the taxable value of their primary residence to a replacement primary residence that is:
If you’re considering the sale of your home and want to know if Prop 19 could benefit you, be sure to first consult with your trusted tax or legal professional for more information. If you decide to move forward, now is a great time to sell! Inventory is low, demand is high, and eager buyers can benefit from historically-low interest rates. Call me today to learn more.
CLICK HERE to take a look at the CALIFORNIA ASSOCIATION OF REALTORS® Quick Guide about Prop 19 for a breakdown of the changes on tax breakdown portability, the impact on intergenerational transfers to children or grandchildren, when the law goes into effect, and more!