Transfer property tax base - CA Propositions 60 and 90
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.
If the person and principal residence qualify, the Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 requires that the replacement residence be located in the same county as the original residence.
Enacted after Proposition 60, it 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. Some counties do not allow transfer of the factored tax base value. For your protection, before you enter into a sale and/or purchase you must verify with the assessor's office in the county where the replacement residence is located to determine if you will be able to apply for this property tax relief.
How it works:
If you qualify, you must file an application within the time period prescribed. The Assessor will determine if the transaction qualifies. This is a one-time only benefit. You must verify that you and your properties (current residence and replacement residence) qualify before considering a move. Also, if there is more than one owner of the original property, only one may claim the benefit as long as that person is eligible. Verify this information before you enter into a transaction.
Need more information?
For more detailed information on Proposition 60 and Proposition 90, please visit these online resources for Southern California counties:
Los Angeles County Assessor, Homeowner's Guide to Proposition 60 and Proposition 90
Orange County Assessor, Orange County Tax Assessor, For Homeowners Age 55 Plus
Riverside County Assessor, Proposition 60/90
Ventura County Assessor, Senior Citizen Programs
State of California, Board of Equalization
To obtain a claim form, contact the Assessor's office.
We recommend you consult with the Assessor's office of the county of your current residence,
And, we advise you to consult with your accountant, tax advisor,
* as defined in the Propositions