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CA Prop 19 Fast Facts
Prop 19 allows homeowners to transfer the tax base of their primary residence to a replacement property anywhere in the state of California.
➡️ Who does it apply to?
Homeowners who...
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are 55 or older (just one spouse must be 55+)
- homeowners who have lost their home to natural disaster,
- OR homeowners who are disabled.
➡️ Who can you transfer the tax base to?
- your children, but they must make the home their primary residence within one year
- your grandchildren, but only if the parents of the grandchild are deceased
➡️ How many times can the transfer be used?
➡️ How much time do you have to find a replacement property?
- two years before or after the current residence is sold
➡️ What's the taxable value on new home?
- either your market value at transfer minus an exclusion of $1,000,000 OR your parent’s proposition 13 value, whichever is greater
➡️ Who gets the taxable home value in the case of divorce?
- the first person to purchase a home!
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