California Senior Tax Breaks Propositions 60 & 90. California seniors 55 years or older can transfer Proposition 13 tax base assessment from principal residence to replacement property. Example: current property valued at $400,000.00 and new property assessed value $850,000.00. Tax base can be transferred to the new property. Contact real estate attorney for a consultation. Call: For more information call: Property Tax Office: (916) 445-4982 or (213) 893-1239
Taxpayers 55 years old or older can transfer the Proposition 13 tax base year assessment of his or her principal residence to any replacement dwelling. The replacement dwelling must be of equal or lesser value within the same county.
Taxpayers 55 years old or older can transfer the Proposition 13 tax base year assessment of his or her principal residence to any replacement dwelling. The replacement dwelling, only in certain circumstances, can be a dwelling in another country.
– The seller of the original residence or spouse residing with the seller must be 55 years or older. One of the spouses must be 55 years old as of the date of the sale or transfer.
– The replacement property must be of equal or lesser value of the original property. Or the replacement property must have the same or lesser market value of the replacement property.
– The tax base can only be transferred to the replacement property once the original property is sold.
– Two years before or after the original dwelling is sold the replacement property must be purchased. The replacement property can be new construction.
– The owner must file an application within three years from the date of purchase of their replacement property.
– Proposition 60/90 can only be a one-time filing for the claimant or spouse.
– Real property eligible for relief: single family homes, condominiums, units in planned unit developments, cooperative housing, community apartment units, mobile homes that are subject to local real property tax.
For more information call: Property Tax Office: (916) 445-4982 or (213) 893-1239 Board of Equalization Proposition 60 and 90