Prop 19 Explained: How It Helps Property Owners and Who is Eligible?Return to Blog
Categories: Homes Planning Real Estate
Prop 19 frees up inventory while providing tax savings for seniors, homeowners with disabilities, and wildfire victims — here are the ways it helps:
Tax Savings For Senior Homeowners:
Thanks to Prop 19, seniors, retirees, and all homeowners aged 55+ can move closer to family, medical care, or to a home that better meets their needs anywhere in California without a tax penalty. Prop 19 removed unfair location and price restrictions. That allows senior homeowners to transfer the tax base of their home to a new property.
Savings For Homeowners With Severe Disabilities:
Prop 19 also removed unfair restrictions on Californians with severe disabilities, allowing homeowners to move to a replacement home anywhere in California without a tax penalty. Under Prop 19, homeowners with severe disabilities can transfer the tax base (no more than three times) from their existing home into a replacement home.
Housing Relief For Victims of Wildfire and Natural Disasters:
If you are one of the tens of thousands of Californians whose family home has been destroyed or substantially damaged by wildfire, here’s some good news — Prop 19 lets you move to a new home without incurring a tax hike. Prop 19 allows victims of a wildfire or natural disaster to transfer the property tax from their damaged house to a replacement home anywhere in California.
Increased Inventory For Young Families & First-Time Buyers:
Millions of older homeowners feel trapped in homes that no longer meet their needs — they want to move to senior housing or retirement communities or downsize to smaller homes. Prop 19 allows them to move without a tax penalty. As more seniors take advantage of Prop 19’s tax savings, homeownership opportunities will open up each year for renters, young families, and first-time homebuyers in communities throughout California.
Related: Proposition 19 Passes, Here’s What That Means For Property Owners
If you’re looking for more information on Prop 19, you can visit the official Prop 19 website. If you would like some assistance in utilizing Prop 19 to find your first home, a new home, or downsize from your current home, schedule a call with Darryl Glass today!