Prop 19 will impact many people. And if you’re buying or selling a home, having knowledge about Prop 19 may be critical. Read on to find the information you need.
What is Proposition 19?
“Allows homeowners who are over 55, disabled, or wildfire/disaster victims to transfer primary residence’s tax base to replacement residence. Changes taxation of family-property transfers. Establishes fire protection services fund.”
Source: CA Voter Guide.
The CALIFORNIA ASSOCIATION OF REALTORS® Quick Guide about Prop 19 for a breakdown of the changes on tax breakdown portability, the impact on intergenerational transfers to children or grandchildren, when the law goes into effect, and more!
Compass is not authorized and will not offer tax or legal advice on this matter. For more information on how Proposition 19 impacts you individually, contact a qualified professional such as your tax preparer, Certified Public Accountant, or tax lawyer.
The Dinsmore Group is here to give you the knowledge you need to make your decision to buy or sell a home, no matter what stage you’re at, a huge success. We welcome you to contact us.
