Should Proposition 19 succeed it would mean that those 55 and older will be able to blend the taxable value of their old home with the value of a new, more expensive home they purchase, resulting in property tax savings that could reach thousands of dollars a year. The measure was ahead by nearly 350,000 votes with 99% of precincts reporting Wednesday.
A new property tax break for older California homeowners, easing their tax burdens if they move, held onto its lead in updated results Wednesday morning.
As part of the measure, children who inherit their parents’ houses would no longer receive a property tax break if they intend to keep it as a second home or rent it out.
Currently, older homeowners have a one-time opportunity to retain their existing tax benefits if they move to a home of equal or lesser value within the same county. They can do the same when moving between Los Angeles and nine other counties. If they didn’t meet those requirements or moved to a more expensive home, they would have to pay the full amount in property taxes.
Read the full story on LATimes.com.