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Prop 19 Opens New Counties for Some Buyers

Dear Monica:  Since Prop. 19 passed I have expanded the area that I am  considering for my  next home.  Has the market been impacted by this change?  Julia C.

Dear Julia:  Prop 19 just passed in November of 2020 and it is too soon to see much effect.   Among other changes, now  buyers 55+ years of age can move to any county in California and pay the same property tax on the new property they had on their former one .  We are beginning to see buyers do this.

Sellers must still pay capital gains taxes on the appreciation but not all sellers are affected in the same way.  It will take months to see the any real impact of Prop 19.

 

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