Proposition 19 Explained. Revised Proposition 13. Property Tax Savings.

Proposition 19 Explained. Revised Proposition. Property Tax Savings. Transferring your property tax

Prop 19 Passed – And Here’s How it Can Save You Thousands How Homeowners Can Take Advantage of the New Prop 19 Tax Reform.

3 Ways The New Prop 19 Property Tax Reform Can Save You Thousands of Dollars Proposition 19 just passed in California, so I wanted to take a minute to review with you what changes it brings to the tax code and most importantly, the opportunities it opens up for thousands of homeowners.

In short, the measure extends Prop 13’s tax benefits for older Californians to wildfire victims, plus it expands those benefits for all to help people make necessary life changes without getting hit with huge tax increases.

Prop. 19 will provide property tax relief for people who are over 55, disabled or disaster victims by allowing them to purchase a new home while continuing to pay property tax rates based on their previous residence. Eligible homeowners can now transfer their low tax assessments anywhere within the state, whereas previously it was limited within counties. These tax rates can now be transferred to a home of greater value, whereas previously it was limited to a property of equal or lesser value. And finally these tax rates can be transferred not just once, but up to 3 different times. How can the state pay for these additional tax benefits? By limiting the tax break provided when a parent passes a home or property to an adult child.

Now, inherited properties must be reassessed at market value, unless they’re being used as a primary residence. I

f these new tax breaks help make your next move possible, the first thing to do as a potential seller is request a CMA or Comparative Market Analysis to find out what your home is worth in today’s market. click on the link below to get an estimate of your current house value:

Get an Instant Free Home Valuation of your home by email: https://mikepatel.com/homevalue

If you would like to schedule a short 10-15 minute on this issue, let us set up a time by clicking below: https://calendly.com/mikepatelreal/15min

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15 Critical Questions to ask when Buying a Home https://www.mikepatel.com/15-questions-for-buying-a-new-home-2/

15 Critical Questions to Ask when selling a home. https://www.mikepatel.com/15-questions-for-selling-your-home-2/

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Get an Instant Free Home Valuation of your home by email: https://mikepatel.com/homevalue

To get an idea of some price ranges in your Anaheim Hills Area homes , see the current and active listings:

Mahesh Mike Patel

First Team And Christie’s International Anaheim Hills Ca 92808.

714-470-8600

Mike@MikePatel.com

https://www.mikepatel.com/

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