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| Craftsman bungalow home in Long Beach |
If you are contemplating selling in California and relocating, you may be able to save money on your property taxes if you are 55 years of age or older, severely disabled, OR whose home has been substantially damaged by wildfire or natural disaster. You may transfer the taxable value of the primary residence to a new replacement residence anywhere in the state, within two years of the sale, and up to three times, or as often as needed if your house was destroyed by fire.
The Property Tax Portability Calculator at the link below (courtesy of California Association of Realtors) estimates the
amount of annual property taxes that a home seller could save as a
result of porting their current property tax base to a new property
under California's Proposition 19. This measure was passed in November
2020 and became effective in 2021.
See C.A.R.'s Quick Guide for more information about Proposition 19.
Claims are made through your local County tax assessor's office. The link for information at Los Angeles County Assessor is here.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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