Voters have passed a new constitutional initiative, Prop 90, that will now allow Proposition 60 to be modified by local ordinance. If you recall, Prop 60 provides property tax relief by preventing property reassessment when residents over 55 sell their existing residence and purchase or construct a replacement residence worth the same or less than the original, but only if the new dwelling is in the same county as the previous. What Prop 90 will allow, if a person qualifies, is to transfer the current assessed base-year values of their dwelling located in one California county to a replacement residence located in another participating California county.
So what are the qualifications?
For those residences that may qualify, these are the terms in which Prop 90 may apply.
1. The seller of the original residence, or spouse who resides with the seller, must be at least 55 years at the time of the sale.
2. The replacement home must be of equal or lesser value than the home sold.
3. The replacement home must be either in the same county or another participating county.
How does the transfer work?
The transfer of current base-year value is not automatic. The owner must file an application for transfer with the local Assessors office of the participating county. An application must be filed within three years of the purchase of the replacement residence; this is one-time only filing. If you’ve filed before, a grant will not be given.
If you’re 55 years or older and considering a new residence, you may qualify for a Prop 90 relief grant! There are many counties that are participating in this new proposition. If you have specific questions, please email us directly at firstname.lastname@example.org or call us at (714) 713-4663 so we can ensure that your request is granted quickly!