On November 3, 2020, California voters approved Proposition 19 (Assembly Constitutional Amendment 11, Stats. 2020, res. ch. 31), which, in part, added section 2.1 to article XIII A of the California Constitution. Section 2.1 adds new provisions for a primary residence base year value transfer for persons who are over age 55, severely disabled, or victims of wildfires or natural disasters. In addition, section 2.1 changes the provisions of the parent-child and grandparent-grandchild exclusions by limiting the exclusions to a family home or family farm.
The parent-child and grandparent-grandchild exclusion provisions become operative on February 16, 2021. The base year value transfer provisions become operative on April 1, 2021.
HCS Equity in Carmel, CA has become the leading expert on providing real estate loans that comply with the rules of Prop. 19 under the CA Board of Equalization. The loan officers at HCS Equity have over 120 cumulative years of experience providing real estate loans that comply with Prop. 19.
