Under California Proposition 19, a homeowner over age 55 wants to sell their current home and transfer their Proposition 13 tax base to a newly purchased replacement home in a different county. What conditions must be met?
Correct Answer
B) The replacement home can be of any value, but if greater, the difference in value is added to the transferred base; the transfer can be used up to three times
Under Proposition 19 (effective April 1, 2021), homeowners 55 and older (as well as disabled persons and wildfire victims) can transfer their Proposition 13 tax base to a replacement home anywhere in California (any county). If the replacement home's value exceeds the original, the difference is added to the transferred base. The benefit can be used up to three times in a lifetime.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A certificate of occupancy (CO) is an official document issued by the local building department certifying that a building complies with building codes and is safe for occupancy. It is required before a building can be legally occupied.
A conditional use permit (also called a special use permit) allows a land use that is not automatically permitted by zoning but may be allowed under certain conditions. The use must be compatible with the surrounding area.
Deed restrictions are limitations placed in a deed that control how a property may be used by the current and future owners. They are a form of private land use control that runs with the land.
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