Finance & Tax
How does Proposition 19 help seniors who move?
Quick answer
Proposition 19 lets eligible homeowners over 55 transfer their property tax base to a replacement home in California, in some cases with no limit on the new home's value. The rules are specific and time-sensitive.
The full answer
More detail, straight from Julian Cesar
Proposition 19 lets eligible homeowners over 55 transfer their property tax base to a replacement home in California, in some cases with no limit on the new home's value. The rules are specific and time-sensitive, and the application must be filed within a set window after the sale. For seniors downsizing or moving into a smaller home, it can save thousands a year in property taxes. Ask your tax professional whether you qualify before you list.
Keep reading
More Finance & Tax questions
Do I have to pay capital gains tax when I sell my home?
Most homeowners do not. If you have lived in the home two of the past five years, you can exclude up to $250,000 of gain, or $500,000 for married couples filing jointly.
Read the answer Finance & TaxHow do property taxes work for a new buyer in California?
In California, your property tax base resets to the purchase price when you buy. The typical base rate is about 1 percent, plus voter-approved local bonds and assessments.
Read the answer Finance & TaxWhat is PMI and can I avoid it?
PMI, private mortgage insurance, protects the lender when you put down less than 20 percent. You avoid it with a 20 percent down payment or by choosing a lender-paid or piggyback structure.
Read the answerStill have a question?
Your situation has its own details. Ask Julian directly.
Every answer is free and pressure-free. Julian Cesar responds personally, by phone, email, or in person.
Julian Cesar
Licensed Agent, CA DRE #02015349