REMAX Premier Realty in Irvine - Kinney Yong

Transfer Tax Base if 55+ years old

 

May2015-31 Only if it’s priced below the sale of your current primary residence

Here are some of the reason to consider selling and moving if you’re 55+ and would like to take advantage of California Proposition 60 and 90.  This allows a transfer of your current property tax base from your current home when you sell and transfer to your next home if it’s purchased below your sales price.

  • To a single level house
  • To a house closer to family if within the participating counties in California
  • To a smaller house
  • To a house with less maintenance
  • A change in scenery
  • To a larger house

Contact KINNEY YONG with RE/MAX Premier Realty for more information about Selling your Orange County Home and Proposition 60 & 90

949.838.4858

prop 60

 

Ordinarily under Proposition 13, the value of a home for property tax purposes is re-assessed to market level whenever a change in ownership takes place. This usually results in higher property taxes for the homebuyer.

In November 1988, the state’s voters approved Proposition 90, which is designed to induce greater turnover of homes owned by senior citizens. The measure provides anyone over the age of 55 with relief from Proposition 13 by allowing them to move from one county to another without undergoing a change in their basic property taxes.

Proposition 90 is a “local-option” law; each county has the option of participating. If a county has adopted a Proposition 90 ordinance, it accepts transfers of property tax base assessments from other California counties. If the county that the homeowner is moving from does not have a Proposition 90 ordinance, this does not affect the eligibility of the homeowner.  Homeowners seeking to transfer their property tax base assessment must verify that the county to which they are moving has a Proposition 90 ordinance.

[Please note: Proposition 60 is a similar law passed by the state’s voters two years prior to Proposition 90. It allows seniors to keep their property tax base assessment when they move within the same county.  Proposition 60 does not require passage by a local municipality.  It is state law.]

These are the current counties in California participating in this program.  Please check with the county to confirm if you’re planning a move.

  • Alameda
  • El Dorado
  • Los Angeles
  • Orange
  • Riverside
  • San Bernardino
  • San Diego
  • San Mateo
  • Santa Clara
  • Ventura

 

Click here for more information at the Orange County Tax Assessors Office for 55+ Citizens

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