Unlocking the Benefits of California's Proposition 19: What Homeowners Need to Know 🏡✨

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Thinking of Moving? Prop 19 Could Save You Thousands!

What if you could buy your dream home and keep your lower property tax rate? Or inherit a family property without unexpected tax hikes? 🤔 Proposition 19 is a game-changer for California homeowners, but many are still unsure of how it works. Let’s break it down in simple terms!

🏡 What is Proposition 19?

Proposition 19, passed in November 2020, changed California’s property tax laws—benefiting some homeowners while creating new reassessment rules for inherited properties.

The two biggest changes under Prop 19:
1️⃣ Property tax base transfers for certain homeowners
2️⃣ New rules for inherited properties

Understanding these updates can help you plan your next move wisely and avoid unnecessary tax increases. Let’s go deeper.

🏠 Who Benefits from Proposition 19?

Prop 19 is a big win for:
✔️ Homeowners aged 55+
✔️ Severely disabled homeowners
✔️ Victims of wildfires or natural disasters

These groups can transfer their current low property tax base to a new home anywhere in California—even in a different county!

💡 Example: If you’ve owned your home for years and your property tax is based on an old value of $250,000, but you want to buy a new home for $750,000, your tax assessment won’t automatically jump to the higher value. Instead, you’ll keep your lower tax base and just pay on the difference.

🔗 Learn More: California Board of Equalization – Prop 19

🏚️ Inheriting Property? Here’s What Changed

Before Prop 19:
✔️ You could inherit a home and keep the original tax rate, even if you didn’t live in it.
✔️ Many families kept properties for investment or rental income without reassessment.

After Prop 19:
🚨 New rules now require heirs to live in the inherited property as their primary residence to keep the original tax base.
🚨 If the home’s assessed value is over $1M, the portion over $1M will be reassessed at market value, increasing property taxes.
🚨 If the heir does not move in, the entire property will be reassessed at current market value.

💡 Example: You inherit a home from your parents with an assessed value of $300,000, but today it’s worth $1.5M. If you don’t live in it, it will be reassessed, and your taxes could increase significantly.

🔗 Learn More: California State Controller’s Office – Property Tax Relief

📊 What This Means for Homeowners & Buyers

✅ Seniors & Downsizers: Prop 19 makes it easier to move without higher taxes.
✅ Heirs & Families: Be aware of higher taxes on inherited properties.
✅ First-Time Buyers: More sellers could enter the market, increasing housing availability.

📢 Real-World Example: How Prop 19 is Impacting Families

📌 Gloria Robles Wallace, a San Francisco resident, inherited two properties from her parents. Because she did not plan to live in either home, they were reassessed at market value, increasing her property taxes by over $15,000 per year. She was ultimately forced to sell both homes due to the unexpected tax burden.

🔗 Read More: SF Chronicle

📞 What Should You Do Next?

If you’re 55+ and thinking of moving, inheriting property, or want to plan ahead, let’s talk!

📌 ➡️ Start Your Home Search Here 🏠✨

📩 Contact Us for Expert Advice:
📍 David and Chrystal Schoenbrun
📍 Pacific Home Group powered by Y Realty
📍 📞 805.404.6510
📍 📧 pacifichomegroup@gmail.com
📍 DRE #01409474 & #01761327

⚠️ Disclaimer: This article is for informational purposes only and should not be considered financial or legal advice. Property tax laws are complex and can vary by situation. We highly recommend speaking with a qualified tax advisor or financial planner to discuss how Prop 19 applies to your specific circumstances.

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