For those who are at least 55 years old and are buying a home in San Diego County in which you will reside, you can bring your previous property-tax basis with you!
Here is the San Diego form – they vary by county:
If you have questions, the taxman can be reached by email at: Taxman.FGG@sdcounty.ca.gov
The vast majority aren’t going to transfer their tax basis. They are leaving entirely. A very long time neighbor is selling. The tax bill will go from $558 per year to $1100 per month.
If you are going to leave paradise, you need to go far enough that it’s a home run.
Results may vary!
When people leave CA, I tell them don’t sell your house. If you do, you are never coming back because you will be priced out. I can’t tell you how many people have thanked me . Several people did not heed my advice and now are stuck in TX and AZ. Keep you CA house pull some equity if you have to and rent it. CA RE has been a great inflation hedge ver the decades.
What if I sell my existing house. Shift into my low priced (low prop tax) rental for 2 years. Then buy a more expensive house. Can I transfer that low tax base to the new house??
Yes
Prop 19 is a blessing for those 55+ want to buy a more expensive home and have a current low tax basis primary property. Do you think that Prop 13 will be overturned some day and if so when? Thanks.