Proposition 19 allows seniors 55 and over to keep their existing Prop 13 property tax base on a hew home purchase when they sell their existing home.
Proposition 19 Homeowner Selling Tips
For sellers
I am inheriting property how does Proposition 19 help me?
Proposition 19, or the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a Constitutional Amendment that imposes new limits on property tax benefits for inherited family property. Under Proposition 19, a child or children may keep the lower property tax base of the parent(s) ONLY if the property is the principal residence of the parent(s) and the child or children make it their principal residence within one year. Otherwise the property taxes increase to market value, which in some cases can be a 1000% increase or more.
I am 55 or over and want to sell my home and keep my low property taxes when I buy a home, how does Proposition 19 help me?
Proposition 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence up to three times (or once per disaster). The tax base may be transferred to a property located anywhere in the state.
Should I order a home inspection?
One step you can take to make sure your house is in the best possible condition — and that a buyer can't take advantage of you later, when problems are discovered during the post-offer inspection — is to hire a professional inspector before you sell your house.
How should I prepare my home before selling it?
Identify repairs and make a plan. Declutter and clean—make it feel spacious. Depersonalize your home. Paint where it needs it most. Set the stage—make it feel like home. Keep it clean and consistent.
How long will it take to sell my home?
Homes across the U.S. are selling faster than in years past. In 2020, homes spent an average of just 25 days on the market before going under contract, down from 30 days in 2019. After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold.
