Did you know?
If you or your spouse are over 55, it’s pretty simple process to take your current property tax assessment with you when you change residences. Click Here to watch a very informative video from the San Diego Assessor’s office.
Property taxes are based on a percentage of the assessed valuation (generally about 1.1% per year). When you buy a new residence, it’s automatically initially re-assessed at the new purchase price. But, thanks to Prop 19 (passed in 2020), people over 55 years of age can apply for exclusion of re-assessment if the new residence is purchased +/-2 years from sale of the old residence. And you can do it up to three times in your lifetime, so don’t wait!
It used to be that the new residence had to be purchased for less than what you sold the old residence for. But under the new Prop 19, only the increase (if any) is added to your old tax assessment. For example:
- Current residence has an assessed value of $3.7m and you sell it for $5.6m.
- You purchase a new residence for $6.0m.
- Only the increase of $400k ($6.0-5.6m) is added to the old assessed value of $3.7m so the assessed value of new residence will end up at only $4.1m not the $6.0m it otherwise would have been.
We can also send you general brochure describing the process to be excluded from re-assessment of your newly purchased resident, along with the application that you would fill out after you complete the purchase of your new residence and sale the sale of your old one. Processing is slow, but the Assessor prorates the credits once completed.
The "exclusion from reassessment" process is slow but predictable and not too complicated. We’ve had a number of clients successfully get it done. You can ask questions directly of the Assessor by calling them at (619) 531-5481 or email at [email protected]. Or better, let us know if you have any questions!
Thinking About Buying or Selling in Del Mar? Work With a True Local Expert
Debbie has spent more than two decades living and working in Del Mar, and her reputation is built on deep neighborhood knowledge, clear communication, and a steady, relationship-driven approach. She’s consistently one of the top-producing agents in Del Mar and the surrounding coastal communities, earning client loyalty through honesty, expertise, and results.
Whether you’re exploring a move, comparing neighborhoods, or simply curious what your home might be worth, Debbie is always happy to talk through options and share insight.
Debbie Carpenter
DRE# 01461472
