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Tracy King's Blog

All about California Propositions 60 and 90

If you are 55 or older, you can qualify for a once-in-a-lifetime chance to take your current property tax base and transfer it to your next home purchase.

If you are 55 or older, you can qualify for a once-in-a-lifetime chance to take your current property tax base and transfer it to your next home purchase. The purpose is to help make it possible for a senior citizen to move down from his/her large home to a more manageable one without incurring a raise in the property tax.
These two California Propositions, 60 and 90, comprise the Senior Citizen's Replacement Dwelling Benefit. For all the details, go to the Los Angeles County Tax Assessor’s website, http://assessor.lacounty.gov/extranet/guides/prop6090.aspx.
The latest information about which counties participate in the reciprocal Proposition 90 is now current as of February 15, 2010. The counties are: Alameda, Orange, San Mateo, Ventura, Los Angeles, San Diego, Santa Clara, and El Dorado. These can change, so always check before you make the move.
High points of the rules are:
• This has to be your principal residence.
• The replacement property has to be of equal or lower price. There are some exceptions, all described on the website.
• The property must be purchased within 2 years (before or after) of selling your property, but you have 3 years to file the claim.
• You can’t give the house to your son or daughter and get the tax benefit.
• Only one person can take the tax benefit. If there are multiple owners, only one gets the benefit. If you divorce after selling the house, only one of you gets the benefit.
This can be a huge savings to the people who qualify. Combine this with the long-term owner $6500 tax credit if you buy the replacement property by April 30, and you could double-dip your tax savings!

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