Eligible Homeowners
Effective April 1, 2021, location restrictions will be removed allowing eligible homeowners to:
• Move Anywhere in the State - The taxable value of a primary residence may be transferred to a replacement primary residence anywhere within the state, as long as it is within two years of the sale of the original primary residence.
• Purchase a More Expensive Home - A home of greater market value may be purchased without incurring a substantial increase in taxable value. The property tax bill would still go up but not by as much as it would for other home buyers.
• Increase the Use of the Transfer - Homeowners who are over 55 or severely disabled could transfer the property’s taxable value up to three times in their lifetime.
Inherited Properties
Effective February 16, 2021, the following qualifications will apply to inherited properties:
• Continued Use as Primary Residence or Family Farm - The reassessment exemption on inherited properties would apply only if the property is used by the child (or grandchild under certain circumstances) as their primary residence, or if the property is a family farm. Properties used for other purposes would not qualify for the exemption.
• Increase for High-Value Inherited Homes and Farms - If the current market value of an inherited property exceeds the parent’s taxable value by more than $1 million, then the child taxable value shall be assessed as the current market value less $1 million*.
*We are providing this information as a free client service and we make no warranties or representations as to its accuracy. We strongly recommend that consumers obtain guidance and advice from attorneys specializing in Real Property Tax and/or qualified Real Property Tax professionals.
Wayne CORY Joseph CHEN
REALTORs of COLDWELL BANKER
Wayne Cory 510-689-9969 wayne.cory@cbnorcal.com Lic#01431677
Joseph Chen 510-305-1321 joseph.chen@cbnorcal.com Lic#01823606
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