4 ms·
>But because they have owned their house for decades + P13, if they bought a _cheaper_ house elsewhere in CA to downsize, they'd be paying _more_ in property ta
by jdhn 7y ago
>But because they have owned their house for decades + P13, if they bought a _cheaper_ house elsewhere in CA to downsize, they'd be paying _more_ in property taxes,
California homeowners who are 55 or older get a one time chance to sell their existing primary residence, and transfer its property tax assessment to another house[0]. Only catch is that the valuation of the new property has to be equal or less than the property that you sold, but if you live in the Bay Area you probably meet that qualification.
[0] https://www.sfgate.com/business/networth/article/How-to-transfer-property-tax-from-old-home-to-new-3643095.php https://www.sfgate.com/business/networth/article/How-to-tran...
- hcknwscommenter 7y ago"if you live in the Bay Area you probably meet that qualification" Only if you are leaving the Bay Area. Often, these older houses have a lot of deferred maintenance and the retired seller wants to downsize into something in the Bay Area that is newer build/renovated.
- njarboe 7y agoAnd you can't leave the Bay Area as the transfer has to be in the same county in most cases.
- fortran77 7y agoCorrect. There are many people who come on this forum and others specifically to lie about Prop 13. I wonder who they work for? Maybe the teacher's union?
- masonic 7y agoProposition 5 would have made this fully portable throughout the state and freed up a lot of Bay Area real estate, but it was defeated. https://ballotpedia.org/California_Proposition_5,_Property_Tax_Transfer_Initiative_(2018) https://ballotpedia.org/California_Proposition_5,_Property_T...