9/24/2023 0 Comments Modified flat tax![]() ![]() On a side note, homeowners can also get a temporary tax reduction when their property values decrease. If neither of those actions occurred, the assessed tax base can only go up by an inflation rate not to exceed two percent, per year. Under the aforementioned Proposition 13, homes are only reassessed for property taxes when a change in ownership occurs or there is new construction. For can be the difference between staying in your home or being forced to move. With sky-high real estate values in much of California, the tax savings here could be huge. I work with many clients who live in homes that are worth well north of 10 times what they paid for it. ![]() This regulation was designed to help longtime homeowners, in California, who wanted to downsize in retirement and avoid having to give up their lower property tax assessments. For married couples, only one spouse must be 55 or older. The caveat here is the market value of the new house generally must be lower or equal to the home being sold. ![]() Transfer California Property Tax for Homeowners 55 and over.Ĭalifornia homeowners 55 and older can get a one-time opportunity to sell their primary residence and transfer the property tax assessment to a new home under Proposition 60. The short answer is, as it almost always is, “it depends.” Here is some additional information to help you figure out if you will be able to transfer your low base to a new home, in California. Will I be able to transfer my property tax base from my old home to my new home?” I’m looking to move to another home for my retirement. “I’m over 55 and have owned my home, in Southern California, for decades. By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™ Today we will answer the following question about Transferring Property Tax in California: How to transfer California property tax from the old home to new. Giving up this tax advantage can make it tough to move in retirement. Many long-time homeowners are paying property taxes based on an assessed value that is often well below the current market value of their home. This limits how much your property taxes can go up each year. One of the biggest advantages of owning a home in California is Proposition 13. ![]()
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