Proposition 19 Has Officially Passed. What Does That Mean for you?
What is Prop 19?
"Allows homeowners who are over 55, disabled, or wildfire/disaster victims to transfer primary residence’s tax base to replacement residence. Changes taxation of family-property transfers. Establishes fire protection services fund."
Source: CA Voter Guide.
Click here to take a look at the CALIFORNIA ASSOCIATION OF REALTORS® Quick Guide about Prop 19
for a breakdown of the changes on tax breakdown portability, the impact on intergenerational transfers to children or grandchildren, when the law goes into effect, and more!
Compass is not authorized and will not offer tax or legal advice on this matter. For more information on how Proposition 19 impacts you individually, please contact a qualified professional such as your tax preparer, Certified Public Accountant, or tax lawyer.
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