Open Houses | Price Reductions | Short Sales | New HomesOrange County Real Estate | Bruce Clark | Coldwell Banker RealtyThe weekend of July 30-31, 2021, in Orange County, there are 688 Single,
California Proposition 19 | Bruce Clark Coldwell Banker Realty | Orange County Real Estate
Dated: January 21 2021
The new year ushered in many new laws - but the one that I believe impacts more families with regard to real estate is probably what most are least familiar with - Proposition 19 (Prop 19). Formally known as the 'Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act,' and passed in November 2020, Prop 19 changed the property tax benefits for seniors, families, those who are severly disabled, and victims of a natural disaster. The changes in Prop 19 will become effective in February and April 2021, depending on the component of the measure.
Prop 19 dramatically impacts the inheriting of property and the transfer of ones property tax base (for those 55-years-old and over) and applies to property located anywhere in California. (Unlike Prop 90, which allows for the transfer of a base value between selective counties.)
For more information, the Los Angeles County Assessor has an excellent guide to what Prop 19 is plus a very handy 'before and after' comparison guide. Los Angeles County Assessor Proposition 19 Guide
The information provided on this website is intended for general informational purposes only and is not to be construed as legal or finacial advice. We strongly recommend you consult with you legal, financial, and tax advisers with regard to the above.
For the past 15 years, I have been a Realtor in Southern California, representing sellers and buyers in all price ranges and areas, including custom homes, estate homes, waterfront properties, condos,....
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