Prop 60/90 now be accessible to those who reside in Riverside County! This could open up an arena of real estate sales that many Seniors did not think possible!
Proposition 60 allows transfers of base year values within the same county (intracounty). Proposition 90 allows transfers from one county to another county in California (intercounty) and it is the discretion of each county to authorize such transfers. As of September 19, 2013, only nine counties have passed an ordinance authorizing intercounty transfers; however, it is recommended that you call your assessor for verification as it could change at any time.
If you or your spouse who resides with you is age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property.
This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence.
A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
As of September 19, 2013, the following nine counties in California have an ordinance enabling the intercounty base year value transfer:
| Alameda | Orange | San Mateo |
| El Dorado | Riverside | Santa Clara |
| Los Angeles | San Diego | Ventura |
Since the counties indicated above are subject to change, we recommend contacting the county to which you wish to move to verify eligibility.
Comments(1)