Savings for Seniors on Replacement Homes

Senior Living Orange County

California voters passed Propositions 60 and 90 to provide property tax relief to encourage a qualified person age 55 or older to sell his/her principal residence and purchase or construct a replacement residence of equal or lesser value. The purpose is to provide an incentive for persons age 55 or older to sell their residence move into less expensive homes without having to pay more in property taxes.

 

 

What is Proposition 60?

As stated on OCGov.comProposition 60 allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met.

 

What is Proposition 90?

Other counties, such as Los Angeles County have also enacted Proposition 90 which allows transfer of the tax base from one county to another county if the California county (where the replacement residence is located) allows the transfer.

 

Want to know if you qualify?  Click Here for more information.

 

Are you a senior and are thinking of taking advantage of this opportunity, please contact us using the form below:

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