What is prop 19 in California? How will proposition 19 affect property taxes in california? If you are a homeowner in California then you need to watch this video as it will affect the future of your property taxes. In this video, I discuss prop 19 pros and cons and discuss how the change to prop 13 could affect homeowners when selling property or transferring a home to their heirs.
What is Prop 19 2020? California Proposition 19, the Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment, was on the ballot in California as a legislatively referred constitutional amendment on November 3, 2020. Proposition 19 was approved. – Definition came from Ballotpedia.org.
What are the changes to prop 13 that went into effect with the passing of California Prop 19?
✔allow eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment;
✔increase the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three;
✔require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred;
Proposition 13 California (prop 13)
Proposition 13 was approved by California voters in June of 1978 and limits the tax rate for real property (real estate) to 1% of the full cash value of such property. In layman’s terms, this keeps your property taxes from adjusting each year to the value of the home and instead limits the annual increases to a maximum of 2% per year.
What are your thoughts on california proposition 19? Do you believe you will benefit from prop 19 california 2020? Will you be selling your home now that prop 19 has passed?
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Jeb Smith (huntington beach Realtor/orange county real estate)
Coldwell Banker Realty
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