Many people in California after raising their families discover that they no longer need the large homes they once had.  If you've been in your home for a long time, you probably have a very low tax base.  If you're considering moving into a new home, even though it's less expensive than your current home could create a property tax price tag that's higher than what you're accustomed to...Unless, you apply for Proposition 60 or 90 tax relief.  You may be able to retain your current tax base when you move into your new residence.  So, if this is one of the reasons you've decided not to make a move, let's see if you may qualify to take your current tax base with you.

 When considering a move, here are a few questions to see if you may qualify for the tax benefit:

• Are you or your spouse 55 or over? (At least one of you must be 55 or older)
• Is your replacement home of equal or lesser market value than your existing home? (Market Value is not necessarily the purchase price.)
• Does your existing home qualify for the Homeowner's Exemption?  Is it your Primary Residence?
• Was your replacement home constructed within two years either before or after the sale of your original home?
• Are you moving within the same county? If not, your real estate professional can help you to research which counties share reciprocity.
• Have you ever made a claim for Proposition 60 or 90 in the past?  This is a one time benefit that can only be claimed once by you and/or your spouse. (In the case of divorce, a choice must be made who will choose to receive the benefit - it cannot be divided or used on two replacement homes.) 

These are just some of the guidelines.  It is important that when considering using either Proposition 60 or 90 benefits when planning your move, you work with a REALTOR® who understands the process and assists you in assuring that you meet all criteria necessary in order to receive the tax benefits.

If you have moved recently, you may still qualify.  Claims must be filed within three years following the closing date of your replacement home.  Claim forms are available from local Assessor's Offices in participating counties.

If you are considering a move and are seeking a real estate professional with experience in buying and selling Orange County, California homes and condos, I'm here to help.  It's important for you to know that as a Seniors Real Estate Specialist®, I've received specialized training for working with the specialized needs of seniors and their families.  If you have questions or concerns or want to begin planning for a move, I'd be pleased to give you information without obligation. 

Marlene Bridges, REALTOR®

 800 777-1775

Orange County Real Estate Website

Orange County Seniors Lifestyles Blog

 SRES - Seniors Real Estate Specialist®

CRS-Certified Residential Specialist®

President - Laguna Hills/Laguna Woods Chamber of Commerce 2007-2009

Marlene is a highly experienced and respected South Orange County CA REALTOR® specializing in residential Real Estate and the sale of Homes and Condos in South Orange County, California and Saddleback Valley cities of: Laguna Woods, Laguna Hills, Laguna Niguel, Laguna Beach, Rancho Santa Margarita, Lake Forest, Dana Point, San Juan Capistrano, San Clemente, Aliso Viejo, Mission Viejo.