How to Save Big on Property Taxes with Prop 60 & 90!

For homeowners that are over the age of 55, California enables them to transfer their tax base between properties in the state so as to save thousands of dollars every year using Propositions 60 and 90. Here is a guide to help you maximize this opportunity:

What are Propositions 60 & 90?

These provisions give homeowners aged fifty-five years and above an opportunity to relocate their property taxes from one home to another whose worth does not exceed or is equal to theirs. Thus, every year such individuals can evade paying a huge amount of money as taxes when buying homes.

You bought your house three decades ago, but then moved after having paid off the loan.

How It Works:

Eligibility: You must be at least 55 years old. The new home must have an equal or lower value than the previous one. Buy a new home within two years after selling your previous home.

While Prop 60 limits intra-county transfers only, Prop 90 allows intercounty transfers between participating counties in California.

Benefits:

Tax Savings: You will be able to reduce your property taxes considerably upon purchasing a new house.

Financial Flexibility: Utilize savings for other needs, investments or enjoyable retirements. Mobility; relocate closer to family members, downsize without being penalized by taxation authorities and find better places