FAQs
California offers Seniors the Property Tax Postponement Program as well as the Intra-County/Inter-County transfer of base year value to replacement primary residence for persons at least 55 years of age.
What law allows a homeowner over 55 to transfer her tax base to a new principal residence in the same county? ›
Propositions 60/90 amended section 2 of Article XIIIA of the California Constitution to allow a person who is over age 55 to sell his or her principal place of residence and transfer its base year value to a replacement dwelling of equal or lesser value that is purchased or newly constructed within two years of the ...
How long do you have to transfer your property tax base in California? ›
Submit the completed form to the same office. To qualify for this base year value transfer, the claim must be filed with the County Assessor within three years of the date you purchased or completed construction on the replacement home.
Which proposition makes it possible for taxpayers 55 years or older to transfer? ›
Propositions 60/90: Under certain conditions, persons aged 55 and older may transfer the Prop 13 base year value of their principal residence to a replacement residence. This is a one-time-only benefit, with one exception as noted below. (Proposition 60/90, Revenue and Taxation Code 69.5).
How does prop 19 tax transfer work? ›
Natural disasters: In cases of homes destroyed by wildfires or other natural disasters, Prop. 19 allows homeowners to purchase a replacement home of greater value than their original home and transfer their tax base with an adjustment to account for the value difference.
What is the prop 19 over 55? ›
The other component of Proposition 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence up to three times (or once per ...
What is the prop 13 over 55? ›
To assist homeowners 55 years of age or older in this situation, the voters of California passed Propositions 60 and 90. If you meet the eligibility requirements, you may transfer your home's current Proposition 13 value (base year value) to a different home.
Which proposition allows certain homeowners to transfer their property tax base to another home? ›
Proposition 19 (effective April 1, 2021) modified the previous provisions and now allows eligible homeowners to transfer the taxable value of their existing primary residence to a new replacement primary residence. The replacement residence can be of any value*, and anywhere within the state.
How to keep prop 13 tax base? ›
Proposition 13 allows a transfer of primary resident between parent and child without reassessing the tax base of the home. To get the benefit, you filed the appropriate form with your county assessor's office after you prepared and filed the deed transferring the property from a parent to a child.
What is the base year value of a home? ›
A property's factored base year value is determined based on the value of the property in 1975 or the last time a reassessment was performed due to a change in ownership or new construction. This amount may be increased by a maximum of 2% per year, and property taxes will be assessed based on this value.
1: A transfer of a parent's principal residence to a child is completely exempted from reassessment. The child succeeds to the parent's assessed value regardless of the value of the property or its assessed value at the time of transfer.
What are the disadvantages of Prop 19? ›
Cons of Prop 19: CA property tax complications
If your child or grandchild must live in the home. If it is used as a second home or vacation property, the home no longer qualifies for the tax benefits. If you have multiple children, there may be disagreement about the property, creating conflict in your life.
How will prop 19 affect my inheritance? ›
Under Proposition 19, if a child inherits a home from their parent(s) and does not use it as their primary residence within one year, the property tax base will be reassessed to the current market value. This change has had a significant impact on California homeowners and their families.
What is the Hanco*ck Amendment property taxes? ›
In Missouri, what is commonly known as the Hanco*ck amendment stipulates that local governments must adjust their property tax rates to avoid windfall revenues resulting from increased home values (MO Constitution, X§18). This does not limit the property taxes homeowners pay but does cap the budget of local government.
What is the claim for transfer of base year value to replacement primary residence for persons at least age 55 years? ›
Persons At Least Age 55
The replacement property must become the principal residence of the homeowner within two years of the sale of the original primary residence. Your new taxable value is your original prop 13 value plus any amount paid for the replacement property over the original property's sale price.
Did prop 19 replace prop 60 and 90? ›
The taxpayer must actually own and occupy the new property as his or her principal residence within this period. Proposition 19 replaces the earlier Proposition 60 (around since 1986) and Proposition 90 (around 1988) and is effective April 1, 2021.
What does prop 19 mean for inherited property? ›
Under Proposition 19, if a child inherits a home from their parent(s) and does not use it as their primary residence within one year, the property tax base will be reassessed to the current market value. This change has had a significant impact on California homeowners and their families.
