Prop 60: Great News For California Home Buyers Over 55

Are you over 55 years and plans to sell your home and move to something smaller, but worried about the tax implications when you relocate? If so, you're not alone. As the baby boomers are nearing retirement and become empty nesters, their housing needs are changing their lifestyle - but inflation and taxes just seem to grow steadily, up, up. Fortunately, some relief in the form of Proposition 60 is available. What is Proposition 60? Proposal 60 is a constitutional amendment approved by voters in California, which provides property tax relief in certain circumstances. Essentially, what Proposition 60 does is allow qualifying homeowners to replace their primary residence to a new house of equal or lesser value and maintain their tax base itself. Why, you may ask, what would we do that? Will my property taxes of a house worth at least? Not necessarily. With Proposition 60, which is transferred from Proposition 13 or "base year value" of the old house, which can be significantly lower than the current market value of the house is. How do I benefit from Proposition 60?  times the original house and the new home must be located within the county.  original replacement properties and must be your principal residence.  Two properties must be eligible for the owners of the exemption or disabled veteran exemption.  Seller or spouse residing in the household must be at least 55 years old when the original property is sold.  House replacement must be of equal or less than the current market value of the original house. There is some flexibility in this rule, depending on when the new property is acquired. To buy a house (or completion of new construction) produced 1 or 2 years after the original sale of the home, equality "or less rule" may change slightly. Talk to your county assessor for more details on this.  Buy or completion of construction of the replacement property must be completed within two years after the original sale of the property. Fiscal  The petition must be filed within 3 years of purchase (or completion of construction) of the new house.  It is a once in a lifetime benefit. Neither spouse can file again. How I can submit the proposed tax reduction for 60? Contact the assessor's office in your county. The adviser to determine if the process of characterizing and provide application forms. I've heard of Proposition 90. What is this? Proposal 90 is an amendment that allows the owner to have the benefits of Proposition 60 in California. Each county in California has the ability to accept the transfer of the taxable income of other counties, allowing more flexibility in qualifying homeowners in the planning of a movement. Counties are not required to participate, and currently there are only 7 counties in California who agree to Proposition 90. These counties include Los Angeles, Orange, Ventura, San Diego, Alameda, San Mateo and Santa Clara. This number is subject to change, the counties have the opportunity to cancel their participation. Proposition 60 and Proposition 90 are large tracts of Proposition 13, which was the initial break for taxpayers. If you think this is perhaps something that works for you, please consult your tax advisor or your county assessor for details.

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