Proposition 19 or Prop 19 – The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. The official bill text can be found here.
In November 2020, California voters passed Proposition 19, which makes changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disasters in our state. The law became effective on December 16, 2020. However, the changes to the parent-child and grandparent-grandchild exclusion became operative on February 16, 2021, and the base year value transfer provisions became operative on April 1, 2021.
Property taxes in Rossmoor are similar to the rest of Contra Costa County, and more information on Property Taxes in Rossmor can be found here on our website by following this link.
Eligible homeowners in California may now transfer their tax basis anywhere within the State even if the new property has a greater. Property owners age 55 and older, are now able to blend the taxable value of their old home with the value of a new more expensive home. However, the calculation here can be complicated as it’s not as simple as just transferring your current tax rate. The assessed value of your previous home, its’s sales price, and the value of the new home are all factors.
To calculate your potential savings, check out this calculator here.