Proposition 19 Can Reduce Your Property Taxes

Proposition 19  allows eligible homeowners to transfer the taxable value of their existing primary residence to a replacement primary residence. The law, replacing Propositions 60 and 90 on April 1, 2021, gives homeowners more options for moving to a different home for their retirement years. If you are 55 years old or older and meet the requirements, you can apply your existing tax bill to a replacement home.  Under the newer law established by Proposition 19, you can transfer your tax base three times and the transfer must be within two years of sale of original primary residence.

I have personally taken advantage of this law recently and reduced our property taxes by $5,000 - and received a refund of over $5,000 for property taxes (for 2 years) paid before I filed. It’s an easy process where you fill out the form and the assessors office does the calculations. No math skill required!