Property Tax Base Transfer
March 19, 2007
Recently, I have had both agents and clients ask about the property tax base transfer law.
In 1986, the California voters approved Proposition 60 which allows the transfer of an existing Propostion 13 base year value from a former residence to a replacement residence, IF certain conditions are met.
The following conditions MUST BE MET:
1. Both the Property being sold and the replacement residence must be in the same county. (Propsition 90 did allow for some exceptions.)
2. As of the date of transfer of the sale property, the seller or a spouse living in the property with the seller must be at least 55 years old.
3.The sale property must have been the sellers principal residence.
4. The replacement property must be of equal or lesser value than the sale property.
These are the basics. As with all laws there are some nuanaces that could apply, but the first conditions must always be met.
Recently, I have had both agents and clients ask about the property tax base transfer law.
In 1986, the California voters approved Proposition 60 which allows the transfer of an existing Propostion 13 base year value from a former residence to a replacement residence, IF certain conditions are met.
The following conditions MUST BE MET:
1. Both the Property being sold and the replacement residence must be in the same county. (Propsition 90 did allow for some exceptions.)
2. As of the date of transfer of the sale property, the seller or a spouse living in the property with the seller must be at least 55 years old.
3.The sale property must have been the sellers principal residence.
4. The replacement property must be of equal or lesser value than the sale property.
These are the basics. As with all laws there are some nuanaces that could apply, but the first conditions must always be met.
posted by shirley harry at 9:09 AM
1 Comments:
Great information but are the specifics available somewhere?
I am selling my residence of 20 years and building a new home (all in San Bernardino County)
When I started building 6 months ago both properties were of same value. But now my current home is less but the price of building my new home does not change?
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