Riverside County Property Tax Breaks for Home buyers 55+

Southern California home buyers 55 years of age or better have the potential to save thousand of dollars a year in property taxes by relocating to Riverside County. Proposition 90 provides property tax relief for homeowners 55+ by retaining the factored base year assessment of their current property and applying it to a new property. In other words, a property owner in San Diego County can sell their primary home and relocate to Riverside County, purchase a home and pay the same amount of annual property taxes they were paying on the home they just sold.

Proposition 90 was approved August 20, 2013 and went into effect in September. It's a great incentive for homeowners who purchased a home years ago to purchase a newer home or relocate to the desert to retire and enjoy the warmer weather, without taking a toll on their pocket book. Proposition 90 could save qualified home buyers thousands of dollars. It's especially beneficial in our real estate market right now because property sale prices have increased between 20 - 40 percent during the last 2 years.

In order to qualify for the property tax break in Riverside County, the property bought and sold must be a principal residence. Only one person needs to be 55 or older. The replacement property must be of equal or lesser current market value and must be purchased or built within two years of the sale of the original property (two years before or after!) Keep in mind, the assessor is the one who determines the market value of each property, so it may not be the same as the purchase price. The original property must be eligible for the Homeowners' Exemption or Disable Veterans' Exemption.  

For more information on the inter-county transfer of property taxes contact me or visit the Assessor-Clerk-Recorder's website.

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