April 1st brings Good News…
As of April 1st, California’s Prop 19 is in full effect, but what does that mean for home buyers and sellers?
Prop 19 consists of three parts…
- The first protects the property tax rates for seniors, individuals with qualifying disabilities, as well as victims of natural disasters.
- The second closes some tax loopholes regarding inherited properties (while still protecting the tax status of those properties used as primary residences)
- The third portion creates a fund to benefit those affected by wildfires.
The beauty of Prop 19 is that it lifts many of the previous restrictions to the taxable value and tax rate transfers, as well as adding individuals that are qualifying victims of natural disasters as eligible for this incentive. Qualifying individuals are now allowed up to three such tax transfers in their lifetimes, they are permitted to purchase any primary residence statewide, and are no longer limited on the price of the new home, however, they are responsible for the difference in taxable value between the new home and the old home.
For the qualifying individuals, Prop 19 offers a great deal of tax savings when purchasing a new home, opening up the market to a fresh wave of qualified buyers.
If you have any questions regarding the value of your home, with absolutely no obligation implied, please reach out so we can discuss the market trends in your area as well as learn about the unique features and upgrades that set your home above and beyond the rest of the pack!
With over 35 years of experience working with real estate in Southern California, Ultimate Properties’ award-winning team thrives on a profound perception of the market trends in your area.
We will be happy to provide you a free current valuation of what each of the floor plans has sold for in your neighborhood!
Give us a call to schedule an appointment and visit our website, www.ultimatepropertiessold.com to see why your neighbors have been trusting our team for over three decades!
*Please consult with your financial or tax advisor for your specific terms.