NOW IS “YOUR“ TIME TO CATCH UP ON WHAT LIFE HAS TO OFFER

Woolner Group November 5, 2015

IF YOU ARE A 55+ HOMEOWNER, WE’VE GOT GREAT NEWS FOR YOU!

Are you thinking about selling your home and moving into something smaller, less expensive and easier to maintain? If so, you may be able to have your new home and keep your current low property tax rates.

SUMMARY OF BASIC REQUIREMENTS:

  • The seller of the original residence, or a spouse residing with the seller, must be at least 55 years of age as of the date that the original property is transferred.
  • The replacement property must be your principal residence and must be of equal or lesser “current market value” than the original.
  • The base year value of the original property cannot be transferred to the replacement dwelling until the original property is sold.
  • The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property.
  • The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.
  • This is a one-time only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.
  • Proposition 60/90 relief includes, but is not limited to, single family residences, condominiums, cooperative housing, corporation units, mobile homes subject to local real property tax.
  • The taxpayer is not eligible for the tax relief until they actually own AND occupy the replacement dwelling as their principal residence.

BENEFITS OF PROPOSITIONS 60 & 90:

Propositions 60 and 90 could save you thousands of dollars in property taxes every single year! Prop 60 is to provide qualified homeowners the potential to transfer the base-year value of their principal residence to a replacement dwelling located in the same county. Prop 90 allows replacement homes to be purchased / constructed in other participating counties, which currently include Santa Clara, San Mateo, San Diego, Alameda, Los Angeles, Kern, Modoc, Orange, and Ventura. Forms must be submitted in the county in which your replacement home will be located.

Curious About the Value of Your Home?

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