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Proposition 19 recap
June 27,2021 | Posted By Flavia Brown in Real Estate
If you or a relative or a friend are homeowners age 55 or older, the following may be very interesting and helpful if you plan to sell your home and buy a replacement home in California.
New California PROPOSITION 19.
(Replaces propositions 60 & 90 with major changes). Following are the basic requirements and features:
+ Homeowners age 55+ can sell and transfer the tax base of their existing primary residence to a replacement property anywhere in California (before Prop 19 only a few counties participated).
+ For 3 groups of California homeowners: Age 55+, severely disabled, and victims of wildfire or natural disaster.
+ No more restrictions on the value of either home.
+ Sellers can perform this transaction up to three times (was one time).
+ Sellers can purchase a replacement home before selling their primary residence. Also see my post: Knock Lending.
+ Prop 19 became effective April 1, 2021.
: The source of this information is the legal department of the California Association of Realtors (CAR). Homeowners should contact a professional tax advisor before selling or buying their properties when utilizing Proposition 19.
More information: prop19.car.org.
Required paperwork AFTER completing a Prop 19 transaction:
The State Board of Equalization (BOE) created several new forms as part of the Prop 19 implementation process. When completing a Prop 19-eligible transaction you will need to fill out one or more forms, depending on which eligibility criteria you meet. These forms are being made available to all county assessors throughout the state. If your local assessor has not yet made these forms publically available, don't worry because you are entitled to tax savings benefits based on meeting the eligibility criteria, not on the existence of the forms. You can submit the forms once they are available in your county, and you will be entitled to Prop 19 benefits. Also, your tax advisor may have these forms. Please contact your tax advisor for financial issues and matters like Prop 19.
Flavia Brown, Realtor® (17 years)
Cal DRE #01729313
Realty One Group United
Torrance & Hermosa Beach offices
P.S. Real estate questions or concerns are welcome. I will address all inquiries.
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