We've heard people asking about Proposition 19 in California, and this new legislation is getting a lot of attention and press in our real estate community.
This video provides a quick "in a nutshell" look at Prop 19. The upshot of Prop 19 could be negative depending on where you are, or positive.
Most notably, Prop 19 allows any California resident over 55 to take their current tax base with them anywhere in California. The new property can be in any California county and listed for equal, or even greater value.
Prop 19 also changes rules so far as inheriting a home from parent to child. Essentially, if a child inherits a home that was their parents' primary home and the child makes the home his or her primary home, the child may keep the parents' tax base. If the child makes it an investment or rental property, the tax base will be reassessed.
While we're focusing on the bigger picture of Prop 19, there are loop holes and caveats to consider. Contact us if you have questions about your specific real estate situation or need help buying or selling real property.