Persons over age 55 or severely and permanently disabled may qualify for property tax savings when they sell their principal home and buy a replacement residence. To learn how to qualify, contact our team.
PROP 60 ~ 60 allows the transfer of base-year property values within the same county.
PROP 90 ~ FOR PROPERTIES IN DIFFERENT COUNTIES
Extends Prop 60s benefits to homes in two counties, but only if the county of the replacement property has adopted a county ordinance permitting the local county assessor to apply the value determined by the county assessor of the original home.
PROP 110 ~ Allows transfers for severely and permanently disabled property owners within the same county and from one California County to another.
How do Props. 60/90/110 benefit the homeowner?
All are property tax savings programs for owners’ age 55 or older, or severely and permanently disabled, who sell a home and buy another of equal or lesser value. Under Proposition 13, a home is appraised at its full market value at the time it is purchased. Props. 60/90/110 allow the taxable value on the original home to be transferred to the replacement home. That prevents any increase in property taxes when the new home is appraised.