Proposition 60/90: Are you eligible for reduced tax rates?
If you’ve been in your home long enough to remember this image, then you’re probably eligible for Proposition 60/90. We’re always striving to be “in-the-know” for our clients, and this bill is one of the hottest topics to be aware of.
© J. Paul Getty Trust. Getty Research Institute, Los Angeles (2004.R.10)
If you’re 55 and older, Proposition 60/90 allows you to transfer your current property’s assessed value into a new replacement property. This means you can buy a new house of equal or lessor value and pay the same amount of property tax that you pay on your current home.
Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance. As of December 12, 2017, the following eleven counties in California have an ordinance enabling the intercounty base year value transfer:
If you’ve been thinking about downsizing, or have a loved one that could benefit from this, call us for more info & to learn how we can help. We’re here for you!