taxes: Proposition 60 " The Information You Want To Know
- 09/05/07 06:40 PM
On Nov, 4, 1986, the voters of California passed Proposition 60 to provide to qualified homeowners the tranfer of the base-year value of their principal residence to a replacement dwelling located in the same county, under certain circumstances. If you or your spouse that reside with you are age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the temded base value your new property. This is a one time only benefit. You must buy or complete constructionof your replacement home within two year of the sale of your original … (1 comments)
taxes: Proposition 13 : "The Information you want to know"
- 08/30/07 06:47 AM
Proposition 13 Defined: - Passed by the voters in June, 1978, Proposition 13 substantially changed the taxation of real property in California. As a result of this Constitutional amendment: The maximum amount of property tax cannot exceed 1% of the property's assessed value, plus any bonds or fees approved by the voters.Real property can only be reappraised upon a change of ownership or new construction. Business personal property, including boats and airplanes, and certain restricted properties are subject to annual appraisal.Except for those two instances, no increase in the assessed value of any real property can exceed 2% annually, regardless of the … (1 comments)
On Nov, 4, 1986, the voters of California passed Proposition 60 to provide to qualified homeowners the tranfer of the base-year value of their principal residence to a replacement dwelling located in the same county, under certain circumstances.;)
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