Linda & her professional network of associates can save you thousands through real estate tax breaks. We stay informed about the latest tax breaks, investment tools & special circumstances. We work with seniors, investors, first-time buyers & others. Contrary to popular belief, most people can largely benefit from their real estate investment.
One example of special real estate tax breaks that apply only to 55+ year-old individuals:
Under Proposition 60/90, California property owners who are 55 years or older may qualify for the ability to transfer the assessed value of their sold principal residence (Property (A))to their purchased new residence (Property (B)). If you think you qualify for either of these real estate tax breaks, call us!
Proposition 60/90 allows, for qualified owners, the ability to transfer the assessed values with inter-country (60) as well as different county (90) properties in the State of California.
In addition to the application, the county Assessor’s office will require a copy of the tax bill for Property (A), the applicant’s birth certificate, a copy of the grant deed for Property (B) as well as closing statements for both properties.
Summary of Eligibility Requirements for California Real Estate Transfer Prop 60/90
- The owner of the principal residence, or a spouse residing with the seller, is at least 55 years of age as of the date that the original property transferred.
- The replacement property (B) is of equal or lesser “current market value” than the original Property (A).
- The base year values of the original Property (A) cannot transfer to the replacement Property (B) until the original Property (A) sells.
- Purchase of the replacement Property (B) or newly constructed property is within two years (before or after) of the sale of the original Property (A).
- The owner must file an application within three years following the purchase date or new construction completion date of the replacement Property (B)
- This is a one-time only filing. The state cannot grant Proposition 60/90 relief if the owner, or spouse, received relief in the past.
- Proposition 60/90 relief includes, but is not limited to, single family residences, condominiums, units in planned unit developments, co-operative housing corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owners’ living premises which are a portion of a larger structure.
- The taxpayer is not eligible for the tax relief until they actually own and occupy the replacement dwelling as their principal residence.
If you have any questions regarding California Proposition 60/90, the property tax office for all the counties in California is located in Sacramento and may be reached by calling 916-445-4982.