Helping You Grow Wealth Through Real Estate
Under California law, property tax increases are limited to 2% per year, however, once the ownership changes, the value of the property is reassessed at it’s current, full value. Since property values have been increasing, this means that the property tax on your next home is often much higher than on your previous one, even if the market values of the two properties are similar.
By allowing seniors to transfer their current assessment to their next property, these laws prevent a dramatic jump in taxes, especially when seniors downsize their residence.
Important: Participating counties and eligibility rules change, so verify eligibility with the tax assessor�s office or other county authorities before proceeding. This information is believed accurate as of July, 2006, but is not guaranteed.
Important disclaimer: This is general information, not tax advice. Federal and state tax laws change frequently. We are not tax or legal advisors. Please consult a qualified tax or legal professional before acting on anything described here.
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