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  • February 2011
    M T W T F S S
    « Jan   Mar »
  • Mary K. Lenahan, J.D., Realtor

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Potential Property Tax Savings for Buyers 55 years or Older Buying Replacement Homes

Country Club Neighborhood Home, Altadena CA

Country Club Neighborhood Home, Altadena CA

If you’re a current homeowner 55 years or older wanting to buy a new home but not wanting  to give up the low property taxes you’ve been enjoying, Propositions 60 or 90 may help you get into the home you’ve  been dreaming of.
If one of the propositions apply, you may transfer the trended base value of your current home to a replacement home of equal or lesser value of your home’s current market value.   In other words, if you buy a $500,000 property, your property taxes will not be based on $500,000.00 property value, but rather on the trended base value of your current home.
It’s a once in a lifetime benefit.    The tax benefit can apply even to new construction.  The orignal home and replacement home must be your principal residence.   Either you or your spouse can qualify to meet the minimum age requirement.
The replacement home must be purchased or completed within 2 years of the sale of your home.   A claim must be filed within three years of the purchase or completion of the replacement home.
Proposition 60 applies to intra County transactions, i.e. where you sell the original home in same county as you buy the replacement home.  Proposition 90  applies to inter county transactions, i.e. where you sell a home in one county and buy in another county.
Not all Counties in the State of California participate in Propositions 60 and 90.   Call the appropriate County Tax Assessor to determine if that County participates in Propositions 60 and 90.
As of  February 15, 2010, the following counties were participating in Proposition 90:
You must file a claim to enjoy this property tax saving.  For LA County, forms are available at the LA County Tax Assessor’s website.  assessor.lacounty.gov The LA County Tax Assessor even has a help desk where you can e-mail your questions:   helpdesk@assessor.lacounty.gov
Mary K. Lenahan, JD, Realtor
(626) 798.9050
Cell/Text: 626.226.6056
Your Business & Referrals Are Appreciated!
DRE 01867737

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