Did you Know:
If you’ve owned your home for a significant amount of time, you may be concerned about
taxes. You may be able to benefit from the following tax programs:
Proposition 19-
Are you 55 or older and considering a move? Some important info on Proposition 19 below. I attended the county’s presentation on Proposition 19 this week to obtain more information on this complicated new law. If you or someone you know is a 55+ homeowner, has a severe disability, is a victim of a wildfire or natural disaster, you can take advantage of the benefits of this proposition in 14 days.
Feel free to pass this information on to someone you feel might benefit from this new law.
Just download this link to do a deep dive.
Capital Gains Tax Exemption-
There are a number of variables that can factor into this program, including your initial
purchase price, home improvements, cost of the sale of your home, how you own the property
and your tax bracket.
For a basic estimate of your possible net on the sale of your home, contact me
Homeowner’s Exemption
The California Constitution provides for the exemption of $7,000 (maximum) in assessed value
from the property tax assessment of any property owned and occupied as the owner’s principal
place of residence. The exemption reduces the annual property tax bill for a qualified homeowner by up to $70
Step Up in Basis-
If you own the property with another person such as a significant other and they pass away, your
property will receive a step up in basis based on the fair market value of the home at that time,
significantly reducing your capital gains.
Transfer of Property Tax Base-
There are a number of California programs you can benefit from. Proposition 60 allows you to
transfer your base to your new home within the same county, while Proposition 90 allows you
to do the same within participating counties.
In addition, there are programs for parent-child transfers, grandparent to grandchild transfers
permanently disabled homeowners and disabled veterans.
Should you want to discuss further, please feel free to reach out to us.
**Always consult your CPA or financial planner regarding vital information such as this. Should
you need a recommendation contact us.
