North San Diego County REALTORS® January Advocacy Bulletin

North San Diego County REALTORS® Advocacy Bulletin is a monthly update that aims to help our members stay up to date on government and legislative issues that impact your bottom line. This month’s Advocacy Bulletin focuses on Prop. 19: 
  • What Prop. 19 means for North San Diego County REALTORS®
  • What it does
  • How you can learn more with our recent webinar
What Prop. 19 means for North San Diego County REALTORS® and their clients
In November, California voters passed Proposition 19, the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters.

Prop. 19 has unique benefits for North San Diego County REALTOR® clients. Homeowners can move to a house that better suits their current needs and avoid the strain that comes from the lack of available housing due to California’s housing crisis. This flexibility and opportunity for homeownership is beneficial to our clients and Association members.

The proposition provides protections for families, homeowners 55 and older, people with disabilities and natural disaster and wildfire victims. Prop. 19 also closes certain loopholes and provides funding to certain local governments, fire districts and schools which will lead to hundreds of millions of dollars in new revenue each year.
What Prop. 19 does
Prop. 19 will allow certain homeowners (see above) to transfer the taxable value of their primary residence to a replacement primary residence, anywhere in the state. This can be done:
  • Regardless of the value of the replacement primary residence (with adjustments if "greater" in value)
  • Within two years of the sale
  • Up to three times (but without limitation for those whose houses were destroyed by fire)
Prop. 19 supersedes former legislation which limited this exemption to the sale and purchase of a principal residence within the same county (Prop. 60) or between certain counties (Prop. 90). However, this was only for replacement property of "equal or lesser value" and could be done once.
Webinar: The Votes Are In… What’s Next?
To help our members stay at the forefront of these government changes to your transactions, North San Diego County REALTORS® partnered with the San Diego Accessors Office to get you the information you need to stay ahead of the curve. Our first joint effort was at “The Votes Are in… What’s Next” webinar where Jordan Marks, the Taxpayer Advocate for the San Diego Assessor’s Office, spoke to our YPN about propositions that affect our industry.
You can watch the webinar here in full:

The Association thanks the San Diego County Assessor’s office for their continued help and support to the REALTOR® community and our industry. If you have questions on potential government changes that affect REALTORS® or wish to learn more, please contact Jordan Marks:

Jordan Z. Marks, Esq.
Taxpayer Advocate
Ernest J. Dronenburg San Diego County Assessor/ Recorder/ County Clerk
This email address is being protected from spambots. You need JavaScript enabled to view it.
Cell: (619)372-0226