How to Keep Your Tax Base When Selling Your Home And Buying A Replacement
I was holding an open house this weekend where I met a couple who express how much they’ve dreamed of selling their current home and buying another but don’t do it because they are afraid their property tax will go up the roof. I always recommend people speak with a tax professional for more accurate information, but I was thrilled to be the one to tell them, there might be hope. Say hello to proposition 60 and 90! Proposition 60 allows transfers of base year values within the same county. Proposition 90 allows transfers from one county to another county in California, it is recommended that you call your assessor for verification that your county is a participant.
But there are requirements to be able to qualify, here are a few: You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold; the replacement property must be your principal residence; the replacement property must be of equal or lesser “current market value” than the original property.
So there you have it! You can sell your current home and take your tax base with you. Did you already sell and buy the replacement home and this information just came your way? It might not be too late to qualify, there is still hope! For more information about proposition 60/90 contact me at Anahi@greenmeansgrow.com or at 858.381.2621.