Proposition 19: Transferring Your Property Taxes to Family - StellarQuest Real Estate

You should always consult a tax professional to learn about the tax implications of your real estate transactions.

Watch our video on how to transfer your tax base to a replacement home: https://youtu.be/CYEz-hpnJvY

Proposition 19 makes some significant changes to intergenerational family transfers, which are transfers to a child or grandchild. It limits the tax exemption to primary residences, and only if the property will be continued to be used as a primary residence. All other real property will be re-assessed to its current market value at the time of the transfer.

Proposition 19 also allows you to transfer the property tax base of your primary residence to a replacement primary residence. The new law takes effect April 1st of 2021 and supersedes the old rules under Proposition 60 and 90. Proposition 19 allows you to transfer your property tax base to a new home anywhere in California and allows you to make the transfer to a more expensive home. If you transfer to a more expensive home your tax base will be adjusted to make up the difference in value.

If you have any questions please feel free to call or email us at the contact information below.

StellarQuest Real Estate - Lic# 02077900
https://stellarquest.com/
Video By: Tim Hamilton
Broker Associate
Lic# 01959966
(714) 486-4086
timsellsca@gmail.com

Видео Proposition 19: Transferring Your Property Taxes to Family - StellarQuest Real Estate канала StellarQuest Real Estate