Proposition 19 Benefits for Home Sellers

Prop. 19 increases the number of times that certain owners may transfer their tax assessments. If you are 55 years or older, have severe disabilities, or lost a home in a natural disaster, you may transfer their tax assessment up to three times now.

Property owners are able to blend the taxable value of their old home with the value of a new, more expensive home, which will result in positive property tax savings. For example, if an owner sold their home with an assessed value of $250,000 for $2 million and bought a new home for $3 million, the new home’s assessed value would be $1.25 million, which is the $250,000 assessed value, plus the $1 million increase in home value.

Prop. 19 changed the parent-child and grandparent-grandchild exclusion (which is also commonly known as the intergenerational transfer exclusion) under California property tax law by limiting the ability to avoid property tax reassessment when a home passes from a parent to a child or from a grandparent to a grandchild when the grandchild's parents are deceased.

Input your information below if you want to learn more about how Prop. 19 can benefit you.