California voters have approved a new property tax break for older homeowners in the state, easing their tax burdens if they move. Now, older homeowners will receive a property tax benefit when they buy a more expensive home anywhere in the state — up to three times. Proposition 19 also restricts an inheritance property tax break that allowed the children of homeowners to keep their parents’ low property tax assessments. AdvertisementMuch of the Realtor-backed campaign for Proposition 19 focused on benefits to wildfire victims and increased funding for wildfire response. But disaster-affected homeowners constitute well under 1% of those eligible for tax relief under Proposition 19, according to an analysis by the California Budget and Policy Center, which found the benefits almost entirely accruing to older homeowners.

Source: Los Angeles Times November 12, 2020 03:01 UTC