55+ buyers in the Coachella Valley need to take advantage!
Prop 19: Property Tax Benefit. For Californians over 55, this is an important issue. To qualify, the homeowner must sell their old home and buy or build the new one within 2 years. Local resident and agent, Kim Kelly 760-285-3578.
The Coachella Valley has some terrific 55+ communities geared for retirees or people planning for when they age. There’s Trilogy, in south La Quinta, Heritage Palms in central Indio, Sun City, and many others. Prop 19 could save home buyers over 55 huge property taxes when buying a new home.
Normally, when you sell your home and buy another one, the property taxes go way up. Why? Because Prop 13 keeps our taxes at or near your original purchase price. When you buy a new home in California, your new property taxes would reflect the NEW homes current value. Prop 19 helps prevent you paying the higher property tax.
Under Prop 19, eligible homeowners can take their lower property tax value with them when they move and apply it to a new home anywhere in California! Passed in 2020, another benefit to this law is it’s flexibility. Eligible homeowners may use this tax saving benefit up to three times in their lifetime. Designed to make it easier for seniors to downsize, move closer to family, or relocate without worrying about a big tax increase. AND for people who lost their home to a wildfire or natural disaster, there is no limit on how many times the benefit can be used. There are also rules for severely disabled homeowners.
To qualify, the homeowner must sell their old home and buy or build the new one within 2 years. Before buying a property, homeowners are strongly encouraged to talk with a tax advisor and/or contact their local county assessor’s office.
