California Proposition 19, the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a constitutional amendment that was approved by voters in the general election on November 3, 2020, with just over 51% of the vote.
The amendment makes changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disaster in California.
Some of the key provisions of Proposition 19 include:
- Inheriting property: Proposition 19 limits people who inherit family properties from keeping the low property tax base unless they use the home as their primary residence.
- Transferring property tax base: Homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster can now transfer their assessed value of their primary home to a newly purchased or newly constructed replacement primary residence up to three times.
- Reassessment of inherited property: Inherited properties will now be reassessed at market value, unless the heir makes the property their primary residence.
If you have inherited property and plan to live in it, be sure to file a homeowners exemption with the County Assessors office! If you are an Administrator, Executor, Trustee or Beneficiary and have questions please reach out to us direct! Proposition 19 is a complex amendment with a number of implications for homeowners, taxpayers, and local governments. It is important to consult with a tax advisor to understand how Proposition 19 may affect you.