Sellers have you been thinking of selling your home but are paying low property taxes and can't bare the thought of having a huge increase in your tax bill?
I am here to officially tell you, you can have your cake and eat it too!
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You can sell your home and take what you pay in taxes now and move it with you to the new home you are buying by completing the "Claim of persons 55 years of age for tranfer of base year value to replacement dwelling" form (see below for link to form).
I had a homeowner call me today who said she was thinking of selling her home and buying another one in a neigborhing city. The new home will be of around $300k value and her home is closer to the $500k value. She bought her home 35 years ago for 55k, and took a mortgage on it in 2009. I suggested she transfer her tax base using proposition 60 so she can budget and continue to pay at her current rate of $1,100 per year. Needless to say she loved the idea. I am sure many homeowners are unaware of this. Proposition 60 was passed in 1986 by California voters and it serves to protect Californians who are age 55 and over as well as any disabled homeowner of any age from having a dramtic increase in real estate property taxes when they sell their home and purchase another. This enables homeowners to move their current tax base with them as long as the purchased home is in the same county.
In 1998 Proposition 90 was passed to further expand on Prop 60. It says that the homeowner can transfer their tax base from one county to another. Senior staff attorney with the state board of equalization said the tax authorities for all 58 California counties legally are required to honor Prop 60.
Their is one hiccup in all of this, that is the county where the new home is must participate in the transfer of tax assessment program and at this time not many counties are doing so. As of October 1,2003 only 9 counties authorize use of the program. Orange County and Los Angeles County are among those.
I had a home owner last year who sold in Newport Beach and moved to Costa Mesa, in their case they had lived in the home in Newport for 40 years. When their purchase closed, we had the one paged form (see link below) we helped them complete it, also sent a copy of their final escrow closing statement and mailed it in the assessors office.
I am happy to report it went easily and smoothly and they are very happy! Incidentally I sold homes for both the parents and their adult children. Amazing how my cients take such good care of me after I have taken great care of them, by referring me their family, friends and neighbors.
Check out the link below this should save you time rummaging throughout the net. You can go direct to the source of the actual information.
Links:
Orange County Assesors Claim of Persons at lease 55 years of age for transfer of base year value to replacement dwelling FORM (Form BOE-60-AH (P1) REV. 14 (02-12)BOE-60-AH (P1) REV. 14 (02-12))
California State Board of Equalization FAQ for roposition 60/90
Listing of California County Assessors
Those are my Grains of Sand for you today!
Keep cool and see you around town!
Huntington Beach CA Real Estate – Exit Realty in Huntington Beach. California. Lillian Walker Broker® My name is Lillian Walker I have been in the Real Estate business for over 20 years as a Broker, Realtor and Lender. I currently focus on the High End/Upscale Waterfront Homes in the Huntington Beach Market including Newport Beach, Corona Del Mar & Seal Beach, all in fantastic Orange County. How can you Exit out of where you are, and walk into the home of your dreams? Ask us about our Free, No Obligation Real Estate Consultations and let us show you how we help you sell your home faster than the competition. Call our Hotline (714) 794-5626 or contact us through our website. All Rights Reserved Lillian Walker Broker® ©
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