Proposition 60 & 90: What You Should Know
Are you or your spouse at least 55 years old?
Do you own a home in which you are reluctant to sell it due to the concern that you will lose your prop 13 tax benefits?
If so, you might qualify under prop 60 or 90 to transfer your base year value from your current home to the replacement property.
What you need to know: Prop 60:
1. To qualify you (or your spouse) must be 55 at the time you SELL the original property
2. The replacement property must be of EQUAL or LESSOR fair market value – generally meaning the value of the replacement property CANNOT exceed whatever amount you received from the sale of your original property
a. It is important to note that if you are buying
3. The replacement property must be your PRIMARY residence
4. The replacement property must have been bought either two years before or after the sale of the original property
5. You can only execute this type of transfer ONE time
6. You can only take advantage of
1. If you qualify for a prop 60 transfer
2. Your replacement property is NOT within the same county as the original property
3. If the new county has adopted prop 90 you may still be eligible for a prop 60 transfer.
So far these counties
For more information on this topic check out these helpful resources:
LA County Assessor: http://assessor.lacounty.gov/extranet/guides/prop6090.aspx CA Title Co.: http://www.titleadvantage.com/mdocs/Proposition_60-90.pdf