25 April, 2012

Keeping Your Home Assessed Value When Moving

Propositions 60, 90 and 110 allow qualified homeowners over the age of 55 or persons of any age who are severely and permanently disabled to transfer a property’s base value from an existing residence to a replacement residence, under certain conditions.  These propositions apply to homeowners who relocate within the same county or between participating counties (currently, Santa Clara, San Mateo, San Diego, Alameda, Los Angeles and Ventura).
Additional requirements for this tax treatment include: (1) the cost of the replacement property can’t exceed the current appraised value of the original property, (2) the replacement property must be acquired within two years of the sale of the original property and (3) the owner should file an application within three years.
This tax treatment may be of great benefit to qualifying homeowners who wish to downsize

For further information and an application form please click on the following link:

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