If you’re considered a Senior Citizen (55+) in the great state of California, you may qualify for tax initiatives that may allow you to transfer your current home’s trended base rate to a replacement property.
Proposition 60 is the INTRACOUNTY transfer; if you’re going to reside within the same area, this is the tax initiative that may be beneficial to you.
Proposition 90 is the INTERCOUNTY transfer (must be authorized by the county moving to); if you’re planning on staying within California but are moving to a different that county, this is the tax initiative that may be beneficial to you. However, it is at the discretion of the county, and they may not have an ordinance that enables Proposition 90.
Always call your local County Assesor’s office to find out if your county, & the county you are planning on moving to, have ordinances enacted for Proposition 60 & Proposition 90.
You will have to file a claim with the County Assesor’s office. Forms can be found here: https://www.boe.ca.gov/proptaxes/prop60-90_55over.htm#Forms
How Do You Qualify?
- You, or your spouse, were 55 years or older when your original dwelling sold.
- The replacement home you purchase must be eligible for the benefit, either at the time it was sold or within 2 years of purchase.
- The replacement property MUST BE of equal or lessor of the “Current Market Value” of the original dwelling. Please note: an Assessor determines the “Current Market Value” of the homes–if the replacement home exceeds the “Current Market Value” of the original home’s “Current Market Value,” tax relief will not be granted.
If you think you meet these requirements, please call your local county assesor’s office to discuss your options.
As of November 7th, 2018, these are the following counties that have intercounty transfer ordinances:
- Los Angeles
- San Bernardino
- San Diego
- San Mateo
- Santa Clara
If you have questions regarding this tax relief, please contact me and I can help direct you to a professional.