Ramona real estate association: can I transfer my tax base?
On February 16, 2021, Proposition 19, The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act, came into effect.
A homeowner over 55, severely disabled or whose home has been severely damaged by fire or natural disaster can transfer the assessed value of their primary residence. Prop 19 makes three significant changes to the portability of its tax base from the sale of a principal residence to a replacement principal residence.
First, it allows the seller of a principal residence to transfer the tax base of that principal residence to the purchase of a replacement principal residence everywhere in California.
Second, it allows the transfer of the tax base from the principal residence sold to the replacement principal residence no matter the value with certain adjustments to the tax base if the replacement principal property has a “greater value” than the principal residence being sold.
And third, Proposition 19 allows such transfers up to three times (but unlimited for those whose homes have been destroyed or severely damaged by fire).
For more information, visit the National Equalization Board website www.BOE.CA.GOV/Prop19 or call the BOE Tax Department at 916-274-3350. If you are in San Diego County, contact the Assessor/Recorder’s office.
Jensen is a Realtor, DRE # 02066604, with Fathom Realty Group, Inc. and Treasurer of the Ramona Real Estate Association