When you move to a new home, you have to pay property taxes based on how much you paid for that home but some older Californians who might like to move to a new home can’t because they pay property taxes based on their purchase years ago which might make it extra expensive for them to move.
Proposition 19 would change that, It would allow any Californians age 55 and older to buy a new home and pay a reduced property tax, based on what they paid for their previous home, this measure also extends the property tax break to severely disabled homeowners and those who lose their homes in a wildfire.
Prop. 19 also cracks down on low property taxes when a parent gives their home to a child. It would require that the child actually live in the house – not use it as a rental or second home – to keep that low property tax payment.
If Prop. 19 passes, local governments could gain tens of millions of dollars of property tax revenue per year.
Most of the resulting revenues would go toward local firefighting efforts.
Comments