Outstanding job of explaining prop 19. Thank you for imparting the math which was extremely helpful. You're a wonderful teacher and I'm grateful to you. Thank you!
Another up vote on the end nugget. It's the questions you don't even know to ask that can potentially bite you later, so thanks for educating the public.
Hi Christian, thanks so much for this helpful video. One question that I have not been able to find the answer to. Does the new house property tax transfer savings relate to the entire property tax bill. Meaning the base tax AND the all of the supplemental taxes? What about Mello Roos? Thanks in advance for your help!!
The only thing that transfers is the base year value (the number used to calculate property taxes)...not the property tax amount. Mello Roos and supplemental taxes do not transfer.
Informative video. What is the best solution to use Pro 19 if I want to move to 2nd or 3rd purchase? To purchase a more expensive or less expensive house first to avoid mistake?
Excellent presentation! If I decide to convert my current primary residence into a rental, is the property still covered by the Prop 13 property tax protections?
Thanks for watching! Your property taxes won't be reassessed by turning the property into a rental, but you won't be able to transfer this property tax basis to any other properties.
@@sandras5772 Most of those Prop 19 calculators are way too unnecessarily complex. Calculate the base year value and ignore special assessments on the original house, then add those special assessments after calculating the property taxes on the new house (if the new house has special assessments).
Can you sell to your child/relative and buy a new place? Are there limitations on who you can sell to & what you have to sell for in order to use prop19 on the next property? Thanks.
I'd reach out to your County Property Tax Assessor to discuss, but you should be fine as long as it's an arm's length transaction. No limitations on value when selling, but beware that the assessor may reassess to market value if they deem the sale price too low.
Thank you very for this great information so if I purchased our house 7 years ago at 400k, and the sale difference comes is 200K, new house 880k sell mine for 680k my property taxes will be based on 600 right?
Yes, that's correct...but note that your $400k tax basis will have adjusted up since you bought it so you'll need to review your property tax records to see the exact number.
Hi Christian. Thank you so much for this information, it was very helpful. We sold our home in December of 2023 and purchased a brand-new home at the end of December 2023. The purchase price on the new home also included the cost we paid for solar which we paid in cash. Can I deduct that amount from the purchase price and use the adjusted that number as the correct purchase price? The solar was not financed with the home. Also, my husband is 100% disabled veteran, we plan on filing for the Disabled Veteran tax exemption, are both situation allowed?
I just wanted to update you and let you know I called the Riverside County assessor's office. She said to file the BOE 19-B and include form BOE - 64- SES, this form is asking for Solar System New Construction Exclusion cost from the purchase price. She also said I can also apply for the Veteran Exemption as well.
Thanks for the update, Cynthia! Yes, I was sure on the the Veteran Exemption (thanks for your family's service!), but good to know on the solar exclusion!
I read that as long as one of the beneficiaries is using the property as their principal residence, the transfer would qualify for the full exclusion. I'm a senior - a widow-no children. My friend has lived with me for 5 years in my mortgage-free home. If I leave my home to him [via a trust] can he remain in the home and pay the same property taxes as I am paying?
You'll need to discus with a financial planner and also the county assessor office...as far as I know, Prop 19 only applies if the beneficiary is a child or grandchild.
@@WIREassociates Ok thanks. I have a family home in LA area that I inherited. I would like to sell it and transfer the property tax to a new home that I will purchase after selling the family home. So if I move into it now I need to wait until January 1 to apply for the Homowners exemption? thanks
@@bones8057 There's an exception that will apply in your case, you don't need to wait until 1/1...reach out and we can discuss 👉www.wireassociates.com/contact/
We sold our house more than 4 years ago. Can we still buy another house and apply prop 19? We were more than 5 years old when we sold the house. Also if we have multiple houses can we use prop 19 for multiple houses?
Sign the petition! REPEAL THE DEATH TAX now. With enough petitions we can get this on the 2024 ballot. Google REPEAL THE DEATH TAX to get the petition, sign and mail it back now so we can get back PROPERTY INHERITANCE WITHOUT REASSESSMENT. Prop 19 gutted Prop 58 (related to Prop 13). This initative, Repeal the Death Tax will bring back this Prop 58 provision so we can pass on property without reassessment, which was the law for decades!
