Santa Barbara Estate Planning and Trust Attorney April Lavigne created a Law Alert regarding the expansion of the Property Tax Basis Transfer Rules as a result of Proposition 19. The expanded basis transfer rules could help Californians save a significant amount of property taxes each year.
On November 3, 2020, California voters passed the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act (Prop. 19). Among other changes, Prop. 19 expanded existing property basis transfer rules to help Californian’s 55+ (or those who are severely disabled, or victims of a wildfire or natural disaster) keep the low Proposition 13 Taxes from their primary residence if they choose to relocate. Effective April 1, 2021, qualifying homeowners may transfer their current Proposition 13 “factored base year value” (basis) to any replacement primary residence anywhere in California
With her permission, I am sharing her Law Alert: DON’T LOSE YOUR PROP. 13 BASIS WHEN YOU MOVE report so you know your rights as a Santa Barbara property owner.
Read April’s one page summary that includes an example of the savings you could see.