Summary
Proposition 19 in California permits eligible homeowners to transfer their property tax base to a new home, offering potential tax benefits. Eligibility includes being over 55, severely disabled, or a victim of a natural disaster. The transfer must occur within two years of selling the previous home. Retroactive refunds are not typically provided, as the adjustment affects future taxes. For Los Angeles County, contact the local assessors office for specific forms and procedures.Full Conversation
i purchased a home in * for *,*,* and plan to sell my previous home for $*,*,*. I live in california. I want to take advantage of proposition *
Proposition * in California allows eligible homeowners to transfer their property tax base from a sold home to a new one, which can be beneficial for tax purposes. Here are some key points:
- You must be over *, severely disabled, or the victim of a wildfire/natural disaster.
- The new home can be of any value, but the tax adjustment applies.
- The transfer can be done within any county in California.
Do you meet any of these criteria?
yes. how long do i have to take advantgae of thios becaus i still own my previous home, but the new one is my primary residence
For Proposition * in California, you need to transfer your property tax base within two years of selling your previous home. This allows you to take advantage of the tax benefits. If you have any more questions or need further guidance, feel free to ask!
when i do transfer my property tax base wioll i get a retro active refund
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Regarding Proposition *, you generally won't receive a retroactive refund. The property tax base transfer adjusts future taxes on the new property rather than refunding past taxes paid. It's best to consult with a tax advisor for specific financial implications.
when am i required to noftify the county to take advantahe of prop *
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To take advantage of Proposition *, you should notify the county within two years of selling your previous home. It's advisable to contact your local county assessor's office for specific forms and procedures required for the property tax base transfer.
what are the name or number of thes forms
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In California, to transfer your property tax base under Proposition *, you typically need to fill out forms related to property tax reassessment. The specific form names and numbers can vary by county. It's best to contact your local county assessor's office directly to get the exact form names and numbers required for your situation.
for la county
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For Los Angeles County, you'll want to contact the Los Angeles County Assessor's Office to obtain the specific forms needed for Proposition *. They can provide you with the exact form names and numbers for transferring your property tax base. Here's their contact information:
Los Angeles County Assessor's Office
Phone: (*) *-*
Website: assessor.lacounty.gov
Feel free to reach out to them for detailed guidance!
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