Homeowners Should Move Quickly on Property Tax Relief Opportunities

Families, homeowners, and beneficiaries inheriting property in California are under pressure right now, as 2022 arrives, to quickly understand and facilitate a new improved parent-child transfer exemption, or exclusion, and related California property tax breaks without age restrictions. Tax basis portability – the ability to shift tax breaks from one county to another, anywhere in California – is available only to homeowners age 55 or older. You are also eligible if you are significantly disabled, or your home has been severely decimated or damaged by wildfire or a natural disaster. Moreover,  a replacement residence can be bought before the original home is sold. Get a primer on these topics and more.