Propositions 60 and 90: Getting older has perks, like senior discounts. But one of the most significant benefits for Los Angeles seniors is the chance to save on property taxes. Thanks to Propositions 60 and 90, you may transfer your property tax base from your current home to a new one. This results in an enormous saving. Without these propositions, many seniors could not afford to downsize.
Here’s how it works:
First, one of the homeowners must be at least 55 years old.
Next, your current home and your replacement must be your primary residence.
The new home must also be equal to or less in value than your original home.
Keep in mind—this is a one-time opportunity. You must buy (and close escrow) or finish building your new home within two years of selling the original one.
Even better, you don’t have to stay in L.A. County. You can move to another participating county and still transfer your tax base. These include Alameda, El Dorado, Orange, Riverside, San Diego, San Mateo, Santa Clara, and Ventura.
Propositions 60 and 90: It’s a smart way to downsize or relocate without facing a property tax hike.
Related Post: Proposition 19 and its impact
