I often get this comment from folks who’ve owned their primary residence for over 10 years “Sure, I’d love to buy something new. But my property taxes are so ridiculously low that even if I made a killing on the sale of my home, I couldn't afford the taxes on the next one.”
Well, now there's better news! If you’re age 55 or over, you no longer have to give up your current tax basis when you sell your home. Prop 19, a California constitutional amendment, went into effect in 2021 giving homeowners much needed property tax relief when purchasing a new primary residence.
Here’s a primer for you, your parents or your Cali bff.
What is Prop 19?
Are there limitations?
Example A:
Example B:
Unsure how Prop 19 might benefit you?
After 40+ years of representing the best interests of my clients, I’ve learned a few things. First and foremost: it’s about YOU not ME. My role is simply to help you get clear on your goals, provide opportunities that help you reach those goals, and then ensure you achieve those goals as effectively as possible.
Reach out today: Book time on my Calendar
