Transfer your CA property tax base with Prop 60 and 90?
The idea of settling in San Diego attracts many who are retired or considering retirement–especially if they are California residents who qualify for Prop 60 or 90. Hardly a week goes by without someone seeking retirement relocation to San Diego and if they currently live in California, these propositions might certainly influence home buying decisions.
Are you over 55?
You may be eligible for property tax relief using California Proposition 60 and Proposition 90, which allows age-eligible homeowners to sell their principle residence or purchase (or construct) replacement residences of equal or lesser value. The goal is to provide an incentive for residents (age 55+) of certain California counties to sell their residence and move into equal or less expensive homes without having to pay more in property taxes.
What are the differences between Prop 60 and Prop 90?
Proposition 60 relates to transfers of base year values between properties located within the same county. Proposition 90 relates to transfers of base year values from an original property in one county to a replacement property in another county within California. For a transfer to be eligible under Proposition 90, the county in which the replacement property is located must have adopted an ordinance that allows such transfers. Currently, the following eight counties have passed ordinances authorizing these intercounty transfers:
Alameda Los Angeles San Diego Santa Clara
El Dorado Orange San Mateo Ventura
This list may change at any given time. Please call your county assessor’s office to check if your county has passed such an ordinance.
If you qualify, you must file an application with your local Assessor who will determine if the transaction qualifies. This is a one-time only benefit and must be filed within a prescribed time period. You should verify that your current home and its replacement qualify before making your move. You will also need to contact the Assessor’s office to obtain a claim form for either Prop 60 or 90.
For additional information, we recomment you visit State of California, Board of Equalization