Proposition 19 passed
Proposition 19 passed with more than 15.3 million votes cast by 51% or more of votes in the 2020 election.
- This Proposition allows people who are 55 and older, the disabled and wildfire victims to carry their low property tax assessment with them when they move.
- This measure also eliminates an exemption used when someone transfers a house to a child or a grandchild, provided they will live in the inherited home. If they do not live in the house, the tax value will be reassessed.
- This newly passed Proposition 19 will also generate revenue for schools, fire districts, cities and counties as they face the difficult economic effects of COVID-19.
Real Estate interest groups raised over $39 million to support this Proposition and the realtors are expected to benefit from increased home sales, by those homeowners who decide to take advantage of their new tax benefits and their heirs who decide to sell their parents’ homes rather than pay higher property taxes.
Read more on Proposition 19 at the California Association of Realtors website
If you are interested in selling your home call David at 818-421-2170 with any home buying or selling questions.
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