On November 3rd, 2020, voters in the state of California approved Proposition 19, aka the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act. Proposition 19 amends the California Constitution by adding sections that provide further expansion and qualifications regarding limitations on property tax increases for persons over 55, the several disabled, victims of wildfires or other natural disasters (collectively referred to as “eligible homeowners”) as well as transfers of certain inherited properties. These new changes have the potential to affect your next escrow, if eligible. Be advised that additional forms may be required if you plan to transfer your tax basis for an eligible transaction.
Effective April 1, location restrictions will be removed, allowing eligible homeowners to do the following:
Effective February 16, the following qualifications will apply to inherited properties:
I hope this information was helpful to you and gave a thorough explanation of how Proposition 19 will affect home buying, escrow, and home buying in California. If you’re looking for more content regarding real estate in California, keep up with my blog (insert links) or follow me on any of my social platforms (insert links). Feel free to shoot me a comment or a message – I’m always happy to help!
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