California Property Tax Transfer Program – Propositions 60, 90, & 110
Did you know, three voter-approved California propositions, created a benefit to certain homeowners, based on specific criteria, whereby, for tax purposes, they could transfer the assessed base year value of their current home to a replacement home?
The following is a brief summary of each of the propositions as well as some useful links to learn more on the subject and how you might take advantage.
Proposition 60 – passed in November 1986:
Made it so that homeowners 55 of age and above could transfer the assessed value of their current home to a new home purchased as a primary residence replacement. Several criteria must be met to take advantage of this constitutional amendment including that both homes be in the same county.
Proposition 90 – passed in November 1988:
This proposition made it so homeowners age 55 and above could take advantage of Prop 60 even if the replacement home was located in a different county than the present home. One stipulation to this is that both counties must mutually agree to participate in the program.
Proposition 110 – passed in June 1990:
Adding on to Props 60 and 90, Prop 110 extends the benefits of the previous propositions to not only homeowners 55 and above, but also to those homeowners, which are severely disabled.
The legal and tax aspects of these propositions can be quite extensive. Certain eligibility requirements must be met. If you have any questions, I am more than happy to assist you by pointing you in the right direction to obtain further details. It should be noted, however, being a REALTOR® does not automatically make a person an expert in tax law. It is highly recommend you speak with an attorney and/or Certified Public Accountant if you are considering taking advantage of Prop 60, 90, or 110.
For more information please view the following links:
Frequently Asked Questions from the California Board of Equalization
Detailed questions and answers in Letter To Assessors No. 2006/010
San Diego County Assessor’s Office
The application for Reappraisal Exclusion for Seniors or Disabled Persons should be available at the San Diego County Assessor’s website. You may also request an application or speak to a representative by calling the Prop 60, 90, 110 Desk of County Assessor: 619.531.5481
I hope you find this information useful! Please feel free to use the below contact form to reach me directly if I can assist you in any of your real estate needs or if any of the above links do not seem to function properly.
[contact-form-7 id=”231″ title=”Contact Daniel”]
Leave a Reply