Proposition 19: Thousands of Southern California Seniors Benefit from Property Tax Transfer

Thousands of older homeowners in Southern California are taking advantage of Proposition 19, which allows them to transfer their Prop. 13 tax savings to another property. One couple, Bruce and Teresa Steele, shared their story of how Prop. 19 helped them find their dream home in Rancho Palos Verdes.

The Steeles had initially moved into a townhouse in Torrance, only to find themselves dealing with increased traffic and safety concerns in their neighborhood. When Prop. 19 was enacted, they were able to sell their townhome and purchase a new home in Rancho Palos Verdes without facing a significant property tax obstacle.

Since the law was enacted in 2021, thousands of homeowners in Southern California have taken advantage of Prop. 19’s tax-transfer benefit. In Los Angeles County alone, over 2,400 homeowners have been granted a tax transfer, with more requests coming in each month.

The process of transferring the tax base is not automatic and must be filed for in the first year of a new purchase. However, there is no price cap on the new home compared to the former home’s value, allowing homeowners to upgrade without facing a significant increase in property taxes.

Overall, Prop. 19 has been a game-changer for many older homeowners in Southern California, allowing them to find their dream homes without the fear of increased property taxes. If you are considering taking advantage of Prop. 19, be sure to contact your county assessor’s office for more information.