Prop. 19 would allow home owners over the age of 55, people with severe disabilities and victims of natural disasters to transfer the property tax base from their current home to their newly purchased one, regardless of the new residence’s value or location. This could be done up to three times.
This changes current law which allows counties to decide if they will allow the transfer (approximately 11 counties do) and the transfer is only good for properties of equal (up to 5% higher) or lesser value. The transfer can only be done once per category and currently doesn’t include those who have lost their home to natural disasters like wild fires.
The measure hopes to encourage people in entry-level homes/condos to move into larger properties and open up opportunities for first-time buyers. We need more reasonably priced housing and this is one way to help.
For a full analysis click here.