New Property Tax Benefits for Seniors
As of April 1st, Proposition 19 expanded property tax benefits for those 55 and older, the disabled, and victims of natural disasters, allowing them to transfer their property’s assessed value and tax basis when they sell their home and purchase a new one, or any value, anywhere within California. Previously, this tax base transfer opportunity was limited to only 10 counties statewide. Additionally, eligible homeowners can now transfer their base-year assessed value to a more expensive home, whereas the previous law limited the transfer to a home of equal or lesser value. Eligible homeowners can also transfer their assessed value up to three times, while under previous law they could only move with their assessed value one time. In effect, the property tax base for seniors is now “portable.”
Click here to learn more: https://assessor.lacounty.gov/prop19/
