Selling Then Buying? Save On Property Tax With Proposition 60
May 20, 2020
With mortgage rates at an all-time low, the increased flux of home buyers and sellers has realtors, including myself searching for economic ways for clients to save. So, I am posting a reminder for sellers over 55 to utilize Proposition 60.
Proposition 60 is an intra-county amendment and it builds on Proposition 13. It allows for people the age of 55 and older to transfer their base year value to the newly acquired home as long as the newly acquired home will be the primary residence and is eligible for homeowner’s exemption or disabled veteran’s exemption. This is meant to prevent a shocking increase in property taxes and work as an incentive for people 55 and older to feel comfortable in their experience of reentering a perhaps, vastly changed real estate market.
For Propositions 60 and 90, the transfer of the base year value must happen within a two-year period.
Propositions 60/90 can only be filed once, even if you and your spouse who resides with you experience divorce or even upon the death of you or your spouse. One exception to this one time the only rule is if you filed once with the eligibility of age and then if you became disabled, you may file again due to disability.
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