Props 60 and 90: Property Tax Relief for California Homeowners
Proposition 60 and Proposition 90 are California laws that provide property tax relief to homeowners who are 55 years of age or older and wish to move to a different home within the state without experiencing a significant increase in their property taxes. Here’s an explanation of each:
Proposition 60
This proposition allows eligible homeowners aged 55 or older to transfer the base year value of their primary residence to a replacement dwelling of equal or lesser value within the same county. Essentially, it enables them to retain their current property tax assessment even if they move to a new home. This can be particularly beneficial for seniors looking to downsize or relocate within their current county.
Proposition 90
Proposition 90 extends the benefits of Proposition 60 to homeowners who are moving to a different county within California. Under Proposition 90, eligible homeowners aged 55 or older can transfer their base year value from their original home to a replacement home in a participating county. However, not all California counties participate in Proposition 90, so it’s essential to check if the county you’re planning to move to allows for this benefit.
Both Proposition 60 and Proposition 90 aim to provide property tax relief and encourage older homeowners to move without facing a significant increase in property taxes. By allowing them to retain their current property tax assessment, these laws help seniors who may be on fixed incomes or have limited resources to manage their housing costs effectively.
It’s important to note that there are specific eligibility requirements and conditions for both Proposition 60 and Proposition 90, and homeowners should carefully review the guidelines and consult with local tax authorities or legal professionals to ensure they qualify and understand the implications of these laws before making a move. Contact Treasury Funds Home Loans, Inc. for more info.