“I Want to Move but the taxes are too high!”- Prop 19 Explained

Hey guys, Nick Toomey here with Toomey Homes, and today I wanted to talk to you guys about Prop 19. This is going to save you, or maybe your grandma or grandpa, thousands of dollars on your property taxes, and it's something that's available for anybody 55 and older, and you can use this up to three times in your primary residence. So, a big problem that we have, especially here in California, is someone may have bought their home 30 years ago for $300,000, and they want to sell it to be closer to their grandkids. Maybe, move up here closer to their family, but they can't afford it because all the houses up here are $800,000. So, they really are stuck because they don't have the money to pay that increase in property taxes. Well, with Prop 19, you are able to take that $300,000 property tax base and transfer it over here up to that $800,000 price point and keep paying property taxes on the $300,000 base. So, this is going to save grandma and grandpa $5,000, $6,000 on their property taxes. It's a huge, huge deal. Now, this also applies to wildfire victims and things like that. I always have to say, I am not a CPA. I am not able to give you guys tax advice or anything like that. That being said, I would say is that if you are 55 and older, and you're not utilizing Prop 19, you are leaving thousands of dollars on the table. This is a huge, huge savings! Please share this with somebody who needs to know this! If you have any more information or have any more questions that you want to ask me, please reach out. My info is in the bottom. And as always, keep watching for more real estate education and tips and tricks.