Lafayette 2020 Q4 Market Update MartinHomesTeam.com
Now You Can Keep Your Tax Basis When You Move! California homeowners just got more good news that should help propel the spring market with the passage of Proposition 19. Important for Lafayette, Proposition 19 allows homeowners 55 years of age and older to transfer their tax basis anywhere in the state and even to a more expensive home. Previously, homeowners 55 years of age or older could only transfer their tax assessments within certain counties to homes of equal or lesser value on a one-time basis. Proposition 19 now allows homeowners to transfer their tax assessments anywhere within the state and enables tax assessments to transfer to more expensive homes with an upward adjustment. Proposition 19 provides the flexibility for homeowners to downsize or find a home that better suits their needs without the burden of worrying about increased property taxes.
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