Attention Downsizers in Orange County and Los Angeles County:
Many home owners who have lived in their current home for a long time have the advantage of low property tax rates because the assessed value of the property was based upon its value so many years ago. In 1975, Proposition 13 came along, and limited any increase in assessed property values to the rate of inflation, or 2% annual increase, whichever is less.
So, if you have been living in the same house over all the years during the huge increase in real market value, you have had huge savings in property taxes, year after year.
Many people, especially those whose children have moved away from home, have come to realize that their house is just too big for them after all those years, and they would like to sell their home and buy a smaller one. If you are living in Los Angeles or Orange County, thanks to Proposition 60, you can take the assessed value of your old house with you to your new one, and still pay the property tax rates that you are used to.
Want more information about Proposition 60? Just give me a call or send me an email and I'll send you a copy of a summary of Propositions 60 & 90 in California.
The information provided is for informational purposes only. Consult your tax professional or attorney if you have any questions.
_____________________________________________________________________________________________________
Thank you for reading the above If You Are Over 55 and Want to Downsize to a Smaller Home You May Be Able to Keep Your Low Property Tax Rate.
If you like my blog, make sure you subscribe to my RSS feed to get the latest Orange County and L.A. County real estate news.
For Home Buyers, see this website to start searching for your home.
Thinking about selling your home? Get an instant online home valuation here.
I help home owners in the Orange County and some portions of Los Angeles County.
Comments(2)