Propositions 60 and 90 are tools for helping sellers keep their property tax base if they are over 55:
"(they)allow a person who is over age 55 to sell his or her principal place of residence and transfer its base year value to a replacement dwelling of equal or lesser value that is purchased or newly constructed within two years of the sale." California State Board of Equalization.
The number of counties participating in Prop. 90 fluctuates, it is currently at 10:
- Alameda
- Los Angeles
- Orange
- Riverside
- San Bernardino
- San Diego
- San Mateo
- Santa Clara
- Tuolumne
- Ventura
Currently this is a one-time only benefit, and one of the owners must be 55 years or over. This is for principal residence only, not your investment properties unless you're living in one of them. There are certain guidelines if you buy one or two years after the sale in which the transfer of value may take place. Depending on the county, a seller may have to relocate some distance to get into a new home purchase that is in a similar or lower price range, so this is not always viable. If you stay with
in your own county, the transfer works in any county, but if you're moving out of your home county, then it applies only if you go to one of the other 10 counties. In a rising market, this can be limiting, and some people cannot afford to move without that tax benefit.
To find out about the Proposition 19 on the November ballot, go to this link for a summary, a yes vote allows more people to move and transfer their tax base anywhere in the State, along with other benefits.
For an estimate of current value on your home, please go to my site below for an instant estimation at the What is Your Home's Value?, or contact me directly. I have been a licensed Realtor since 1994.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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