Prop 19 Impact on SLO County 2023

Interesting statistics from Placer Title Company in my inbox this week.

What is Prop 19?

From Prop 19 Fact Sheet from state of CA "Allows homeowners who are age 55 or older, or severely and permanently disabled of any age, to transfer the “taxable value” of their principal residence to a replacement property up to three times anywhere in the state. “Taxable value” means the base year value plus inflationary adjustments, commonly referred to as a factored base year value..."

Other terms and restrictions apply but essentially this prop allows 55+/disabled persons to buy a new property without seeing an increase in their property tax, which can be an increased in their property taxes.

What does this report show us? More people are using this to move into SLO County than out of SLO County. Are we the retirees hot destination? From a realtor's perspective, I'd say that tracks!