When Does Proposition 19 Take Effect?
This week, the California Association of REALTORS® (C.A.R.) reported Proposition 19, the home protection for seniors, severely disabled, families, and victims of wildfire or natural disasters act, will likely pass and become state law.
The Legislative Analyst's Office report about Proposition 19 released earlier this year stated tax portability would be available to homeowners on July 1, 2021. This date is incorrect. The California Association of REALTORS® (C.A.R.) has clarified when the various provisions will take effect:
February 16, 2021: New process for assessing inter-generational transfers begins.
April 1, 2021: Property tax transferability for eligible homeowners begins.
C.A.R. will be releasing more information about how Proposition 19 will be implemented during the next few weeks.