55+ Keep Your Same Tax Basis When You Move

55+ Keep Your Same Tax Basis When You Move

  • Barry Estates | Luxury Coast Group
  • 10/31/23

California Proposition 19, or the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a Constitutional Amendment that allows allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence. 

Homeowners can realize their capital gains while the market is still relatively strong, while not having to increase your property tax on your next property purchase. This gives people the freedom to move and the benefits to realize your gains and save on your property tax.

Anyone over 55, even if only one spouse is over 55, the severely disabled, or any victims of wildfires or natural disasters.

The option to transfer your tax basis to another property has been expanded from a few counties to all 58 counties in California.

Whether you sell the existing or buy the replacement property first, you have up to two years to buy or sell the existing replacement property.

In the past, you could only transfer your tax basis one time if you were over 55, now you can take advantage of this 3 times.

PROP 60/90
Prop 19 is an extension of Prop 60/90. Prop 60/90 allowed the tax basis transfer one time and only within a few counties. Even if you used Prop 60/90 in the past, you are still eligible to use Prop 19 up to 3 more times.

The basic tax transfer Prop 19 is only applicable to the primary residence.

To calculate your new tax basis, visit https://prop19.ltresourcevault.com/


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