Los Gatos Weekly Times

WHAT YOU NEED TO KNOW ABOUT PROP 19

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Propositio­n 19 is a measure designed to give homeowners more freedom to change residences while closing tax loopholes on inherited properties.

The measure has two distinct parts. The first of which allows homeowners who are 55 or older, disabled, or lost their home in a natural disaster to transfer their current property tax base to a new home up to three times anywhere in California. The second part outlines the requiremen­ts for retaining tax basis in family transfers, which is now limited to transferri­ng a primary residence to a child or grandchild for continued use as a primary residence.

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