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I have owned my home for 30 years, In Calif. my property ...

Sent to Tax Experts October 18 01:45 PM

I have owned my home for 30 years, In Calif. my property taxes are calculated at the purchase price I paid 30 years ago, I would like a new home which sells today at a much higher price. can I keep my current tax rate ? I understand that as an 75 year old senior I can transfer my rate 1 time.
Derrell Robinson

 

Optional Information:
Colorado

Customer (name blocked for privacy)
Status:  Closed   Value: $9
Answer
October 18 2:08 PM (23 minutes and 34 seconds later)
         
ACCEPTEDCheck Mark

There is relief for owners that are age 55 and over in California, under propositions 60 and 90. I am confused, because you put down Colorado as your location. The home in California that you use one of the tax relief rules on must be your primary residence.

Under Proposition 60, if you purchase a home of equal or lesser value within the same county, you may transfer your current property tax rate. Other requirements must be met. This is a one time event, and if you have a spouse who has already used Prop 60 you cannot use it.

Proposition 90 is similar, except it is for purchasing a new home in a different county. The county that you are buying in must accept Proposition 90.

See these sites for more info:

http://assessor.lacounty.gov/extranet/guides/prop6090.aspx

http://franandrowena.com/files/373274/Transfer_Property_Tax_Base_Proposition_60_-_90.htm

 



Best of Luck with your situation. If you feel I answered fairly, please hit "ACCEPT". If not, let me know! Feedback and bonuses welcome!    Wendy D. Rieger, Enrolled Agent
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