![]() ![]() Still, the beneficiaries of Proposition 19 are those who already benefit the most under the state’s existing property tax rules. “There’s not enough senior housing to accommodate them otherwise.” ![]() “If they can maintain a stable tax basis, they can live a similar life,” Radsick said. Jeanne Radsick, president of the Realtors group, said it’s vital for homeowners who may be empty nesters or who are looking to move for health reasons to have more options. Your guide to the 2020 election in California Without the initiative, the same homeowner would pay $7,700 annually at the new home. If the homeowner moves to a $700,000 house, the homeowner would pay $3,300 a year in property taxes under Proposition 19. The rules under Proposition 19 would extend to every county in the state, and homeowners could take advantage of the break as many as three times when they decide to move.įor example, a qualifying homeowner who owns a home with a taxable value of $200,000 that is worth $600,000 on the market would pay roughly $2,200 in property taxes now. Disabled homeowners would receive the benefit as well. Proposition 19 would further ease the tax burden by allowing the same group of senior homeowners to blend the taxable value of their old house with the purchase price of a new, more expensive home, reducing the property tax payment they’d otherwise face. ![]() They can do the same when moving between Los Angeles and nine other counties. So residents could face a surge in tax payments if they move to a new home - this is the issue that Proposition 19 seeks to address.Ĭurrently, homeowners who are 55 or older have a one-time opportunity to retain their existing tax benefits if they move to a home of equal or lesser value within the same county. Homeowners receive more benefits the longer they remain in their homes because their tax bills stay restricted even as their home’s market value goes up. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |