Prop 60/90 allows you to sell your current residence and buy another while keeping your currently low property taxes.
There are certain requirements and not every county in California participates. See the details below:
1. The replacement property must be your principal residence and must be eligible for the Homeowners’ Exemption or Disabled Veterans' Exemption.
2. The replacement property must be of equal or lesser “current market value” than the original property. The "equal or lesser" test is applied to the entire replacement residence, even if the owner of the original property acquires only a partial interest in the replacement residence.
Owners of two qualifying original residences may not combine the values of those properties in order to qualify for a Proposition 60 base-year transfer to a replacement residence of greater value than the more valuable of the two original residences.
3. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
4. Your original property must have been eligible for the Homeowners’ or Disabled Veterans’ Exemption.
5. You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold.
Prop 60/90 is great for people looking to downsize or cash in their equity!
Fore more info CLICK HERE or give us a call at 310.467.8042.