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Proposition 19 Clarification Coming Soon

by

• Yes on 19 Logo 4

PROP 19 clarification coming soon

Property Tax Exemptions from Reassessment

With the passage of Prop 19 a homeowner who is over 55 years of age, severely disabled or whose home has been substantially damaged by wildfire or natural disaster may transfer the taxable value of their primary residence to a replacement primary residence anywhere in the state, regardless of the value of the replacement primary residence (with adjustments if “greater in value) within 2 years of the sale, and up to 3 times (but without limitation for those whose houses were destroyed by fire).

Proposition 19 will supersede the old rules which limited this exemption to the sale and purchase of a principle residence within the same county (Prop 60) or between certain counties (Prop 90)–but only if the replacement was of “equal or lesser value” and only one time.

c.a.r. legal counsel WARNS...

“Although we believe that the tax benefits under Proposition 19 apply to transactions where either the sale or purchase of primary residence takes place before April 1, 2021, as long as the subsequent sale or purchase takes place within two years and on or after April 1, 2021, others have taken the position that both the sale and purchase must occur on or after April 1, 2021. C.A.R. will seek official clarification of this issue.

“As always, our advice to agents is not to give legal or tax advice–especially on an issue that is so consequential and presently has no definitive answer. If an agent has a client who wishes to obtain the tax benefits of Proposition 19 for a transaction that closes prior to April 1, 2021, whether buying or selling a property, the client should be encouraged to seek the advice of a qualified California real estate attorney or tax advisor. 

Nonetheless, owners of real property that qualify under Prop 60 or Prop 90 can still take advantage of those features until April 1, 2021. (If an owner never took advantage of these and were qualified, they might be able to get a refund of taxes already paid.

Agents should not give legal or tax advice–especially on an issue that is so consequential and presently has no definitive answer. Refer all questions to qualified CA real estate attorney or tax advisor.

TO get the latest updates ON ALL PROP 19 QUESTIONS, VISIT C.A.R. >

| govt. affairs ARCHIVE

CONTACT:

LEGISLATIVE CORNER - Nov elections

DEC 2020 | C.A.R. Proposition 19 initiative passes by narrow margin; additional real estate related State ballot measures reflect negative public sentiment towards rent control and increased business property taxes. Voters approve County and local sales and business taxes; City Council representation results mixed. | MORE >

avoid signage violations, fines...

OCT 2020 | With election season comes a race for space to post signage. Be sure to familiarize yourself with local laws pertaining to sign placement, which may differ in every city. Illegal sign placement may result in onerous legislation that could severely restrict all signage privileges. | REVIEW CITY SIGN ORDINANCES >

REALTORS contribute $$$ TO RAF...

PROTECTING PRIVATE PROPERTY RIGHTS  |  One of the most important services organized real estate provides members and consumers is representation in the halls of government. The REALTOR Action Fund (RAF), supported solely by REALTOR contributions, raises money to advance the goals of political action committees (PACs) supporting real estate at the local, state and federal levels.  | LEARN MORE >

C.A.R. Legal hotline:
agents: (213) 739-8282
brokers: (213) 739-8350
Mon - Fri: 9:00 am - 6:00 pm
| learn more >

Heather Schiffman photo

HEATHER SCHIFFMAN

Director, Government Affairs

[email protected]

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