Proposition 13

Scott S. Hamill Broker / Realtor Pacific Real Estate 7825 Fay Avenue Suite 200 La Jolla, CA 92037 (858) 405-2454 E-mail
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Proposition 13

PROPOSITION 13 limits the amount of taxes to a maximum of 1% of the March 1, 1975, market value of the property plus the cumulative increase of 2% in market value each year thereafter. Improvements made after March 1, 1975, are added to the value in the year they are made. If ownership has changed after March 1, 1975, the tax is limited to 1% of the market value plus the 2% cumulative increase each succeeding year.

Real property tax base is transferable

Under the following conditions, homeowners may be permitted to transfer their current Proposition 13 tax base with them when they move:

Homeowners over the age of 55
Replacement home of equal or lesser value
Purchased within two years of original sale
New home must be in the same county; or another participating county (check first).

This allows "empty-nesters" to purchase a new home while holding on to their low tax base, thus freeing up larger multiple bedroom San Diego homes for younger families.