Aged 55+ Sellers and Buyers

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Proposition 19 – The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act

On November 3, 2020, California voters approved Proposition 19, The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act.

Some Main Take-Aways

  • Seniors age 55+ (or the severely disabled or wildfire/natural disaster victims) can transfer their property tax basis up to 3 times anywhere in California, up to $1 Million Dollars. Anything over that the tax basis will be adjusted to account for the value over $1 Million.

  • Beginning Feb. 16, a transfer of a principal residence by a parent to a child is only exempt if the parent was using the property as their principal residence and the child will also be using the home as their principal residence immediately following the transfer.

Check out some FAQ’s about Prop 19 here.

 

You can find more information about PROPOSITION 19 at the Board of Equalization website here.

 
 
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A Seniors Real Estate Specialist® (SRES®) is a REALTOR® who is uniquely qualified to assist seniors in housing sales and purchases. The SRES® designation is awarded only to REALTORS® who have successfully completed a series of educational courses on how to help seniors and their families with later-in-life real estate transactions. They also draw upon the expertise of a network of senior specialists, such as estate planners, CPAs, and eldercare lawyers, and are familiar with local community resources and services. Their mission is to help seniors and their families navigate the maze of financial, legal and emotional issues that accompany the sale of the home.

Adrienne Realiza, Realtor is your local Seniors Real Estate Specialist. Please call me today at 510-552-5280.