Propositions
60 and 90 were designed for California homeowners who are 55 and
older. Under these propositions, the homeowner may qualify to transfer
the assessed value of their existing principal residence to their new
residence.
Proposition 60 applies when the homeowner transfers to a new principal residence with the same county.
Proposition 90 applies when the homeowner transfers to a different county.
Not all counties participate so we provide a list. Check with the county and your tax advisor before making any decisions.
GUIDELINES
FOR TRANSFER WITHIN THE SAME COUNTY:
1. One of the property owners must be 55 years old or older on the day of transfer of the principal residence.
2.
The subsequent principle place of residence must be transferred within two
years of the transfer date of the first residence.
3. The purchase price of the subsequent principal residence must not exceed the sales price of the original property except:
A 5% inflation allowance is allowed if the subsequent purchase is less than one year
A
10% inflation allowance is allowed if the subsequent purchase is at least one
year and one day but less than two years
GUIDELINES
FOR TRANSFER TO OTHER COUNTIES:
Proposition
90 will allow the inter-county transfer of the property tax base if the county
supervisors have approved it.
Contact
your county assessor's office for more information.
Counties that have approved Prop 90:
Alameda, Kern, Marin, Modoc, Orange, Los Angeles, San Diego, San Mateo, Santa Clara, Ventura.
GUIDELINES IF A NEW HOME IS PURCHASED BEFORE THE COMPLETION OF SALE ON THE PRINCIPAL RESIDENCE
There is no inflation allowance if a new principle residence is purchased first! Your tax advisor can give you more details.