Transfer your current property taxes to your new purchase!

There's a wonderful opportunity for you to transfer your current property taxes to your NEW purchase IF you meet the criteria for doing so.  I rarely hear anyone mentioning this and I would hope that Realtors who work with "Seniors" would make certain their clients are aware of this. It could be a wonderful tax savings!

Proposition 60 allows homeowners who are over the age of 55 to transfer his or her base year value to a new purchase, provided the replacement property is of equal or lesser "current market value" than the original property. (* "and" you meet other criteria)  Proposition 60 applies for transfers within the SAME county.

Proposition 90 allows for transfers from one county to another county within California and is at the discretion of each county to authorize such transfers.  As of November 20, 2014 there are currently ten counties in California that authorize inter county transfers. Those counties include Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernadino, San Diego, San Mateo, Santa Clara and Ventura.  HOWEVER, it is recommended that you contact your assessors office for verification, as it could change at any time.

If you're an "empty nester" and are living in a home that's way too big for you now, but still want to own your own home but just need a smaller home, this may be the perfect answer! If you purchased your home in the last few years, this may not benefit you because your property taxes are probably 1.25% of what you purchased it for.  Thus, you may not have the least bit interest in transferring THAT amount....goodness no.   But,  if you've been in your home for many years and now find yourself rambling around in too much square footage,  this may be the perfect solution for you.

There are many ramifications for taking advantage of this savings,  so I am highly recommending that you click on the following link to familiarize yourself with these Propositions if think you might be able to take advantage of this opportunity.  The State Board of Equalization has 10 pages of information on these two propositions and answers at least 32 questions pertaining to who qualifies and how it works.  It's a great reference guide. Why not take advantage of this savings if you're eligible?!

If you're a "senior" and have been thinking about making a move, call or email me and I'd be happy to assist you however I can!


Click here for info on Prop 60 & 90