Proposition 19 Can Save You Money!

Prop 19 news graphicProposition 19

Understanding Prop 19 can be confusing. Below are highlights:
Information deemed accurate but not guaranteed.

Hypothetical Example

Say you owned your personal residence in San Diego for the last 30 years & your property tax value is only $300,000. If you sell your home for $1,000,000 and purchase a new home anywhere in California for the same amount or less you can transfer your entire previous taxable value to the new home (e.g. $300,000)

However if you want to upgrade to a $1.5 million home your new home`s taxable value will be $800,000. The calculation is the difference in increased value between the 2 homes ($500,000) plus the original tax value ($300,000) equals $800,000. It`s a higher proper tax value than before but its still substantially less than what the property tax valuation would have been on the new 1.5 million dollar home.

Want More Information?
Call the Riverside County Assessor`s office @ 951-955-7007 or consult your financial/tax advisor advisor.