“Can you tell me about Propositions 60 and 90 and how I can keep my low tax base if I sell my home and buy another one?
***ANSWER:
Prop 60:
If you qualify, indeed you can sell your San Diego County home and move your current low property tax base to your newly purchased San Diego County home.
Rules:
1. Both homes must be principal residence
2. Replacement must be of equal or lesser value
3. One spouse must be at least 55 when the original home is old.
4. Can only do one time
Equal or lesser value is a loose term and depends on when you buy. Your replacement home can be up to 100%, 105%, or 110% of the price of your old home:
1. 100% if replacement home was bought before the sale
2. 105% if bought in first year after sale
3. 110% if bought in second year after sale
Certain rules do allow you to build or add onto your replacement within this time period. For more info on this, contact the tax assessors office.
Prop 90:
You may move your current property tax base to/from any of the seven reciprocating California counties under the same rules as Prop 60. Reciprocating counties as of 11/5/04:
San Diego, Alameda, Los Angeles, Orange, San Mateo, Santa Clara, Ventura.
Note that Riverside and San Bernadino are NOT reciprocating counties.
For more info, call me or the San Diego County tax assessors office at (858) 5O5-6262.
Strategies To Sell Your San Diego Home
