Explore active listings in these top communities:

Casta Del Sol, Mission Viejo
Palmia, Mission Viejo
Laguna Woods Village, Laguna Hills
Monarch Summit II, Laguna Niguel

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More Information on transferring your tax basis:

Proposition 19 expands on Prop 60/90:

Proposition 60 allows transfers of base year values within the same county.
Proposition 90 allows transfers from one county to another county in California. 

Now with prop 19, it is now Statewide! Prop 19 allows all counties of California to participate.

Originally it would be only to participating counties, now with Prop 19, it allows all counties of California to participate!

You can use it up to 3 times, purchase at a lesser value and hold on to your current property tax basis, or purchase at a higher value and pay a blended property tax basis. 

For example, say you bought your home for $300,000 and it sells for $1,000,000. Your replace­ment purchase is $1,200,000; the new tax basis would be the original $300,000 plus the differ­ence (which is $200,000) that would be paid at the current tax base. That is a significant sav­ings that gives year after year! This goes into effect for purchases after APRIL 1, 2021.

 

With every great Pro comes a Con.

Previously, all transfers (inheritances) to a child or grand­child were exempt from reassessment.

Now the child is required to use the inherited property as their principal residence. If the property is not their primary residence, the property will be taxed at the current assessed value.

Obviously, this does affect inherited rental properties ad­versely. This will go into effect on February 16, 2021. Talk with your CPA on what you can do to protect your children. 


Any Questions? I’m here to HELP!

Priscilla Lehnhardt

949-922-3969