Up for a vote this November 3rd: Prop 19, which includes proposed changes to the property tax base transfer rules.
This ballot measure would let homeowners who are 55 or older transfer their property tax base to anywhere in California, for a more expensive home if need be. Eligible homeowners would also be able to make this transfer up to three times.
These are big changes to what are currently known as Prop 60 and 90. Prop 60 allows transfers of base year values within the same county, and Prop 90 allows transfers from one county to another.
The list of counties allowing this transfer is presently limited, and it doesn’t include popular spots like Marin, Sonoma or Napa counties. You’re also only able to transfer your base one time, and for a home that’s equal to or less than the value of your current home.
I’m all for Prop 19, as I have many clients who would be interested in retiring north of San Francisco but who don’t want to lose their property tax base.
For more info on Prop 19 and related details on inheritance rule changes, click here.