California Proposition 19, or the Home Protection for
Seniors, Severely Disabled, Families and Victims of Wildfire
or Natural Disasters Act, is a Constitutional Amendment that
imposes new limits on property tax benefits for inherited
family property. Under Proposition 19, a child or children
may keep the lower property tax base of the parent(s) ONLY
if the property is the principal residence of the parent(s)
and the child or children make it their principal residence
within one year.
The other component of Proposition 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence up to three times (or once per disaster). The tax base may be transferred to a property located anywhere in the state of California.
Proposition 19 may affect your next escrow. This calculate will help you estimated the property taxes under Prop 19 quickly and easily!