California voters have approved a new property tax break for older homeowners in the state, easing their tax burdens if they move.
The success of Proposition 19 means that those 55 and older will be able to blend the taxable value of their old home with the value of a new, more expensive home they purchase, resulting in property tax savings that could reach thousands of dollars a year.
As part of the measure, children who inherit their parents’ houses will no longer receive a property tax break if they intend to keep it as a second home or rent it out.
The election was close. Just over 51% of voters supported Proposition 19 when the Associated Press called the race Wednesday evening, when returns showed the measure had a lead of more than 350,000 votes.
“Voters passed Proposition 19 because it is a win-win for California, providing needed housing and tax relief for seniors, wildfire victims, and generating much needed revenue for schools, fire districts, cities and counties as they face budget shortfalls due to the harmful economic impact of COVID-19,” said Jeanne Radsick, president of the California Assn. of Realtors, which was the principal supporter of the measure. Read from source….