California Property Tax Changes To Know About
Sacramento, CA — Effective today, the State of California is making some changes related to property tax rules for certain people.
Following the passage of Proposition 19 by voters in November, the state’s seniors, those severely disabled, and victims of wildfires can transfer the taxable value of their original home to a replacement residence. It could result in a notably lower property tax bill for those who are planning a move, and eligible.
The California Board of Equalization reports, “Seniors, age 55 and older, or those severely disabled must meet specific requirements to qualify. The original and replacement residence must be eligible for the homeowners’ or disabled veterans’ exemption. An application must be filed with the County Assessor to transfer the taxable value. Lastly, the replacement residence must be purchased or newly constructed within two years of the sale of the original home. If the market value of the replacement residence is greater than the market value of the original residence, the difference will be added to the taxable value at the time of transfer.”
In addition, “For victims of a wildfire or natural disaster, the same conditions and requirements apply as the taxable value transfer for seniors but there are no age requirements. The residence must be substantially damaged to qualify, and the damage must be from a wildfire or a Governor proclaimed disaster.”
More information on Proposition 19, including a question and answer section, can be found here.