Proposition 19 is a ballot initiative in California that would allow homeowners over the age of 55, severely disabled homeowners, and victims of natural disasters to transfer their primary residence’s tax assessment value to a new home, regardless of its market value. This would allow them to avoid paying higher taxes on their new home. The measure would also allow homeowners to transfer their tax assessment value to a home of any value, up to three times the original value.
Proposition 19 would also expand the existing property tax exemption for homeowners over the age of 55. Currently, homeowners over the age of 55 are eligible for a $200,000 exemption on their primary residence. Proposition 19 would expand this exemption to include a $1 million exemption for homeowners over the age of 55 who are transferring their tax assessment value to a new home.
In addition, Proposition 19 would allow disabled homeowners and victims of natural disasters to transfer their tax assessment value to a new home, regardless of its market value. Currently, disabled homeowners and victims of natural disasters are only eligible for a $150,000 exemption on their primary residence.
Proposition 19 would expand this exemption to include a $1 million exemption for disabled homeowners and victims of natural disasters who are transferring their tax assessment value to a new home. Proposition 19 would also allow homeowners to transfer their tax assessment value to a home of any value, up to three times the original value. This would allow homeowners to avoid paying higher taxes on their new home.