This is a graphical breakdown of the beneficial elements of the property tax portability for California property owners over 55 years old. The benefit is also applicable to owners with Sever Disabilities, or victims of Wildfire and Natural Disasters.
Homeowners who are 55 or over, severely disabled, or whose homes were destroyed by wildfire
or natural disaster, may transfer the taxable value of their primary residence to a replacement
primary residence …
§ Anywhere in the state
§ Regardless of the location
§ Regardless of the value of the replacement primary residence — even if it’s greater in value
(with an upward adjustment in the tax basis if the replacement property is greater in value)
§ Within two years of the sale of the original primary residence
§ Up to three times (although there’s no limit for those whose houses were destroyed by wildfire
or natural disaster)
These rules are in effect on and after April 1, 2021.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
Leave a Reply