Want to sell your Southern California Home? Get a FREE home value report
Want to buy a Southern California Home? Search all homes for sale
Proposition 60 and Proposition 90 allow you to transfer your low tax bases on your current home to your next purchase. This is especially important because I've noticed that a lot of people are downsizing right now. People have been asking me how they can take their low property taxes with them into their newer and smaller properties.
Proposition 60 is your answer, which allows the transfer of your base year values within the same county. Proposition 90 allows transfers from one county to another in California that are reciprocating with one another. There are currently 10 counties allowing this: Alameda, Los Angeles, Ventura, Riverside, San Diego, Santa Clara, El Dorado, Orange County, San Bernadino, and San Mateo.
These are the five basic requirements for Prop 60 and Prop 90:
- You must be 55 years old when your property sells.
- Replacement property must be your primary residence.
- Replacement property must be of equal or lesser value than the previous home.
- Replacement property must be purchased within 2 years of your last sale.
- This is a one-time only benefit, unless you become disabled.
If you're thinking about downsizing and you have more individual questions, please don't hesitate to contact me! These issues can become complex, and I'd be more than happy to explain it to you.
