Tap a card to see the answer.
Myth
The new house has to be cheaper.
The answer
No. BOE's example: sold for $400,000, tax value $100,000, bought for $600,000 within a year. New taxable value: $280,000, not $600,000.
Myth
I have to sell first.
The answer
No. You can buy first and sell within 2 years. You pay full tax on the new home until the old one sells, with no refund for that time.
Myth
It is only for seniors.
The answer
Also severely and permanently disabled owners, and wildfire or disaster victims.
Myth
Escrow files the claim for me.
The answer
Nobody files it for you. You file it yourself with the county assessor.
Source: California Board of Equalization, Proposition 19
Not tax or legal advice. These are estimates. Please check with your county assessor and a CPA or attorney before you sell or buy. Read more
Selling and buying your next home? Talk to Zarko.
Zarko can walk through the sale and the purchase together. He can also point you to a CPA for the tax questions.
Call (831) 246-7773Zarko Maletin, Insider Realty · DRE #02440138 (CA) · [email protected]