Are you eligible to transfer your tax basis?
WHAT IS PROP 19? Proposition 19 allows eligible California homeowners to transfer their existing property tax basis to a new home under certain conditions, which may help reduce property tax increases when purchasing a new property.
WHO IS ELIGIBLE?
Prop 19 applies to homeowners who are:
• Age 55 or older
• Severely disabled
• Victims of natural disasters or wildfires
• Eligible homeowners may be able to transfer their tax basis up to three times (or once after a disaster) to a new property anywhere in California
HOW DOES THE TAX BASIS TRANSFER WORK?
Generally, if the new home is of equal or lesser value than the original, the existing tax basis may transfer directly. If the new home is more expensive, the tax basis could be adjusted based on the difference in value.
KEY THINGS TO KNOW:
• The transfer must occur within two years of selling the original home
• Prop 19 only applies to primary residences
• Transfers between parents and children are possible, but specific requirements apply regarding the child’s use of the property
What Happened in Montecito Last Week?
March 9th – March 15th
11 New Listings
1 Closed Sale
2 Pending Sales
weekly spotlight
$5.75M Price Improvement – Villa on the Sand
1803 Fernald Point Lane is set on 101 feet of direct beach frontage, this Mediterranean villa embodies the essence of coastal luxury. Now listed for $28,750,000, this meticulously redesigned 5-bedroom, 6.5-bathroom estate offers a harmonious blend of comfort and timeless elegance, with the potential to make it your own.
Sweeping views of the Pacific Ocean, Channel Islands, and rugged coastline blur the line between indoors and out. The sound of crashing waves and the salt-kissed breeze set the tone for a life defined by both privacy and convenience. Just steps from Miramar Beach and moments from Montecito’s best dining and shopping, the villa blends the relaxed rhythm of beachfront living with the refinement of California’s most coveted enclave.
