An increasing number of Palisadians have considered downsizing their home due to becoming “empty nesters.” For example, they may own a 5 or 6 bedroom house and have higher maintenance costs and/or feel that it does not make sense to keep such a large place for just the one or two of them.
Proposition 19 provides expansion and qualifications regarding limitations on property tax increases for people over 55, severely disabled, transfers of certain inherited properties, or victims of wildfires or other natural disasters.
This is the first in a series of articles in answer to requests for more informational help with “downsizing” issues for seniors.
It is estimated that 50% of U.S. households are multi-generational, with people caring for either grandchildren or grandparents. If these are not issues in your family at present, it may be useful to keep a copy of these questions for future reference.