Proposition 60 Anyone?
Have you ever thought about moving or downsizing into another home but are afraid of the reassessed property taxes? Most likely your property taxes are very low if you've been in your home at lease 10+ years. Well, if you are 55 year or older, you can move into another home without a change in your property tax base. Unlike the capital gains tax law, this proposition advantage can only be used once.
Proposition 60
Homeowners who are 55 years of age or older and whose replacement residence is of equal or lesser value that their original residence. The replacement residence must be purchased or the land must be purchased and a newly constructed replacement residence completed within 2 years before or after the sale of the original residence.
Additional FAQ'S regarding the transfer of a base-year value to a replacement dwelling can be obtained at the:
California State Board of Equalization's website:
