Property Tax Tip for California's Seniors - Prop 60/90
I work with a lot of buyers, which affords me the opportunity to hear what is on their minds. It is amazing how many of the seniors express concern that they may lose their favorable tax treatment, if they purchase a new home.
Most seniors are completely unaware that Proposition 60/90 allows them to take their current property taxes to their next home, if they qualify. In manyt cases, seniors are planning purchases which would be eligible, but are unaware of the savings available to them.
Sure, only certain California counties participate and there are other eligibility requirements, but the savings can be substantial. Filing for the savings is simple. All seniors should assess their eligibility before moving within the state of California.
Here are a few of the key eligibility requirements for these property tax breaks for Seniors: (Use the link below to get more detailed information.)
- One of the Sellers of the original residence must be at least 55 years old
- The replacement property must be of equal or lesser "current market value" than the original
- The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property
Two more important factors to keep in mind:
- This is a ONE TIME only filing. Proposition 60/90 relief cannot be granted if the claimant or spouse was granted relief in the past.
- The taxpayer is not eligible for these property tax breaks until they actually own and occupy the replacement dwelling as their principal residence.
For more detailed information, click on the link below (or paste it into your browser).
If you are a Senior in Orange County or surrounding counties, dreaming of a new residence and held up because of concerns about property taxes, want more information and/or believe that you qualify for these Property Tax Breaks based on what you have read so far, call me today at 949.201.5773 for more information.