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Prop 60 – Orange County Home Buyers Over 55 Can Save on Property Taxes
If you are 55 years or older and are considering a move to a smaller home or simply a home that better meets your needs, Prop 60 may provide significant savings on your property tax bill. Proposition 60 was approved by California voters in 1986 and allows qualifying home owners to replace their primary residence with a new home of equal or lesser value and maintain their same tax base.
This offers a distinctive benefit to those home owners who have owned their homes for a long time and have enjoyed low tax rates as a result of California’s Proposition 13. As an example, someone who bought their home 20 years ago for $300,000 may be paying approximately $3500 per year in property taxes. If this home has a market value of $900,000 today, the homeowner could potentially sell the home and move into a $600,000 home and still pay just $3500 per year in property tax vs. $6900 without Prop 60. As you can see the savings can really add up.
 
While Prop 60 allows for a replacement property in the same county, Prop 90 was later passed and allows for qualified home owners to sell their home under ... more

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