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Transferring Your Tax Basis
Transferring Your Tax Basis in California: What You Need to Know
If you’re a homeowner in California, you may be able to transfer your property tax basis to a new home, thanks to Proposition 19. This can result in significant tax savings, especially if you’ve owned your home for many years and have a lower assessed value.
Understanding Proposition 19
Proposition 19, which took effect in April 2021, allows eligible homeowners to transfer their property tax basis to a new home under certain conditions. This means that if you qualify, you won’t have to pay property taxes based on the current market value of your new home but instead retain the lower tax basis from your previous residence.
Who Qualifies?
To transfer your tax basis, you must meet one of the following criteria:
- Be 55 years or older
- Be severely disabled
- Be a victim of a natural disaster or wildfire
Key Benefits of Proposition 19
- Transfer to Any County in California: Unlike previous laws that limited transfers to select counties, Proposition 19 allows transfers anywhere in the state.
- Up to Three Transfers: Homeowners 55+ or disabled can transfer their tax basis up to three times in their lifetime.
- Move to a More Expensive Home: If your new home costs more than your original one, you can still transfer your tax basis, but the difference in value will be added to your new assessment.
How to Apply
- Purchase or identify your new home within two years of selling your previous home.
- Complete the required forms with your county assessor’s office.
- Submit documentation proving your eligibility (e.g., age verification, disability status, or proof of loss due to a disaster).
- Await confirmation from the county assessor regarding your adjusted tax basis.
Maximizing Your Savings
For those looking to downsize or relocate within California, Proposition 19 provides an excellent opportunity to maintain lower property taxes while moving into a new home that better suits your needs.
If you’re considering a move and want to explore how transferring your tax basis can benefit you, reach out to our team at the DiMaggio Betta Group. We’re here to help guide you through every step of the process!
For personalized real estate advice, contact us today at www.dimaggiobettagroup.co!
Here are a few helpful links:
Five Stars for The DiMaggio Betta Real Estate Group
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Debbi, Adam, Chase, and their team were an absolute dream to work with. My wife and I were first time home buyers and knew very little about the process. They walked us through everything we needed to know (what to look for in disclosures, what questions we should be asking, what things we should watch out for when touring open houses, etc.) and made us feel completely at ease. They always provided us sage advice and their depth of experience in the area where we were looking (Oakland/Piedmont/Montclair) was invaluable. They were always able to tell us the pros and cons of certain neighborhoods, whether listings were overpriced or underpriced, and give us great guidance on offer strategy. We ended up in a competitive bid process for the house we closed on and they worked overtime on our behalf to ensure we got it. Not only were they incredibly helpful in the buying process, but they have also been a huge help as we work to address a couple of home improvements that we want to take care of. This is once again where their experience in the area pays huge dividends. They have an extensive network of contractors, handymen, electricians, etc. that they’ve been able to connect us with. We know that if Team DiMaggio Betta is referring us to these folks, we can trust them. We’re now moving into the house of our dreams and it wouldn’t have been possible without Adam, Debbi, Chase, and team. They were true partners in this hunt and after the close. We couldn’t recommend them more highly. You’re in great hands with this team and we look forward to working with them in the years to come. —Scott Buckley We look forward to helping you with all of your real estate needs.
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New Year, New Name, Same Iconic Brand
The new affiliate debuts in six of the region’s most desirable markets, including the greater San Francisco Bay Area.
Corcoran today announced the launch of its newest affiliate, Corcoran Icon Properties. Based in Northern California, the new company comprises 24 offices and over 900 sales associates and staff who were formerly with well-known brands, including Zephyr Real Estate, Terra Firma Global Partners, MikkiMoves Real Estate, Barry Ward Realty, Caldecott Properties, Discovery Bay Properties, Thrive Real Estate, and Highland Partners.
With a footprint that stretches across six markets, including the greater San Francisco Bay Area, Humboldt County, and Calaveras County in California’s Gold Country, sales associates will continue to represent clients in some of the most discerning communities in the region.
Corcoran Icon Properties will be led by CEO Randall Kostick and President Steve Belluomini. Kostick has been in the real estate business for over 35 years, while Belluomini was the former President of Thrive Real Estate.
Rounding out this talented leadership team is Chief Operating Officer, Matt Borland, and Chief Marketing Officer, Melody Foster. Not only will this continuity of leadership benefit the broader team; creating a new entity within the Corcoran affiliate network allows agents to have access to the same tools and services that they’ve relied on, ensuring they don’t miss a beat when servicing their clients.
“I’m thrilled to see Corcoran Icon Properties ushering in a new era for Corcoran in Northern California,” said Pamela Liebman, President and CEO of The Corcoran Group. “With the power of our brand behind them, I’m confident that this team will achieve even greater success in 2023 and beyond.”
“Forming a new Corcoran franchise with our united NorCal group allowed us to oversee our operations at a local level and position the team for a successful future,” added Belluomini. “This is an exciting moment for us, and I’d like to thank a very hard-working group of agents and staff for staying the course and joining us on this new road together.”
We Represent People Not Price
Buying or Selling, no matter your price point, the DiMaggio Betta Group represents people not price. Here are a few of our favorites.
Is the Bay Area Market Showing Any Signs of Slowing Down?
Q and A as seen in SF Gate and the San Francisco Chronicle’s weekly Sound Off with a Realtor.
Over the past few months Adam and I have been responding to their questions about the status of the real estate market as well as providing our opinions and insight regarding to the various aspects that make up our fast-paced, multi-faceted business.
Q: Is the Bay Area Market Showing Any Signs of Slowing Down?
A: I decided to get a pulse on the market by reaching out to a few agents in our Corcoran Global Living East Bay offices, formerly Highland Partners, to get their take. The quote I chose to include from Gene Della Maggiora is what I too am experiencing:
“It seems that the market is slowing down in terms of inventory but demand is still high. Buyers are getting picky again with the good houses going very high, while others sit or sell closer to the list price. Rates are inching up.”
Buyer fatigue, vaccinations, the ability to travel and work outside the home this quarter has also removed some buyers from our fast-paced market.
With that said, we have recommended that our sellers wait until the new year to go to market as we are nearing the holidays, and historically, buyers get busy winding down for the holidays. If a seller can wait, it’s probably best to capture fresh buyers.
The DiMaggio & Betta Group had an extremely busy year in 2020 and 2021 as did many sellers reaping the rewards of high sales prices due in part to travel restrictions and so many working from home.
As for 2022 I feel confident our East Bay micro market will get back to a flood of buyers, over-asking sales prices and more inventory just as seen in years prior.
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