Propositions 60 and 90 Help Seniors over 55 Keep Their Current Property Tax Basis

Proposition 60 has information concerning the one-time tax benefit in which persons over 55 may be able to transfer their current tax base when they sell their current residence to buy a new residence.   The purchase price, if within the same year, must be equal to or less than the sold property. Proposition 60 applies only to the sale and buy within the same county.

Proposition 90 applies the same transfer of tax base and conditions of selling property in one county and buying in another. The only stipulation is that the replacement dwelling must be purchased in a county that accepts Proposition 90.

For more information, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *