California Prop 19, passed by voters in November 2020, allows homeowners who are over 55, disabled, or victims of natural disasters to transfer their property tax base to a new home. This is a significant change from the previous system, which only allowed this transfer for homeowners over 55 or disabled and required the new home to be of equal or lesser value.
Under Prop 19, eligible homeowners can now transfer their property tax base to a new home of any value, up to three times in their lifetime. Here’s how you can transfer your property tax base in California under Prop 19:
**1. Determine if you qualify:**
You must be over 55, disabled, or a victim of a natural disaster to qualify for the property tax base transfer under Prop 19.
**2. Find a new home:**
Once you qualify, you can start looking for a new home to purchase. It can be of any value, unlike the previous restrictions.
**3. File for the transfer:**
You need to file an application for the property tax base transfer with the county assessor’s office where your new home is located.
**4. Provide necessary documentation:**
You will need to provide documentation proving your eligibility for the transfer, such as proof of age or disability.
**5. Calculate your new property tax:**
The county assessor will calculate your new property tax based on the current market value of your new home.
**6. Enjoy your tax savings:**
Once approved, you can enjoy the tax savings from transferring your property tax base to your new home.
FAQs about Transferring Property Tax Base under Prop 19:
1. Can I transfer my property tax base under Prop 19 if I am under 55?
No, you must be over 55, disabled, or a victim of a natural disaster to qualify for the property tax base transfer under Prop 19.
2. How many times can I transfer my property tax base under Prop 19?
You can transfer your property tax base up to three times in your lifetime under Prop 19.
3. Can I transfer my property tax base to a more expensive home under Prop 19?
Yes, under Prop 19, you can transfer your property tax base to a new home of any value.
4. What documents do I need to provide for the property tax base transfer under Prop 19?
You will need to provide documentation proving your age, disability, or status as a victim of a natural disaster to qualify for the transfer.
5. How long does it take to process the property tax base transfer under Prop 19?
The processing time varies depending on the county assessor’s office, but it typically takes a few weeks to a few months.
6. Can I transfer my property tax base if I inherit a home under Prop 19?
No, Prop 19 does not allow for the transfer of the property tax base for inherited homes.
7. Can I transfer my property tax base if I move out of state under Prop 19?
No, Prop 19 only applies to property transfers within California.
8. What are the benefits of transferring my property tax base under Prop 19?
Transferring your property tax base under Prop 19 can result in significant tax savings, especially if you are moving to a more expensive home.
9. Can I transfer my property tax base to a rental property under Prop 19?
No, Prop 19 only allows for the transfer of the property tax base to a primary residence.
10. Can I transfer my property tax base if I already transferred it before Prop 19 was enacted?
Yes, if you transferred your property tax base before Prop 19 was enacted, you can still transfer it two more times under the new rules.
11. Can I transfer my property tax base if I am a first-time homebuyer under Prop 19?
No, Prop 19 only applies to homeowners who are over 55, disabled, or victims of natural disasters.
12. Can I transfer my property tax base to a home outside of California under Prop 19?
No, Prop 19 only applies to property transfers within California.