Are you downsizing and concerned about the Taxes on your new residence? Check out different options.

Proposition 60

If you are at least 55-years old and meet the requirements you can take benefit of Prop 60.

Prop 60 was a constitutional amendment approved by the voters of California in 1986. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met. The following conditions must be met for tax relief to be granted under Prop 60:

a.) Both the original property (former residence) and its replacement must be located in the same county. If the replacement property is located in a different county from the original, see Proposition 90.

b.) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

c.) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.

d.) The replacement dwelling must be of equal or lesser value than the original property.

e.) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.

f.) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.

g.) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.

h.) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.

Proposition 90

Prop. 90 is a constitutional amendment approved by the voters of California in 1988. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located in a different county, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 90. Before attempting to transfer your base year value to another county under the provisions of Prop. 90, you should contact the local county Assessor to discuss eligibility

Proposition 110

Prop. 110 is a constitutional amendment approved by the voters of California in 1990. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are severely and permanently disabled to transfer an existing Prop. 13 factored base year value to a replacement residence, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 110. Before attempting to transfer your base year value to another county under the provisions of Prop. 110, you should contact the local county Assessor to discuss eligibility.

For updated information please visit http://ocgov.com/gov/assessor/programs/55plus

FREE APPRAISAL

With changing market, to get the best value of your property, it is important to price it to the best price that market can bear. To assure this we go a step further for our senior clients. If you are 55 or over, we offer a FREE PROFESSIONAL APPRAISAL, its no fee no obligation service. Lets us know when you would like to have this service.

Welcome to this real estate conrner for our seniors, that mean people 55 and over. I am your certified seniors real estate specialist for the area. This is what this designation means.

"By earning the SRES® designation, the REALTOR® has demonstrated requisite knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, or selling a home. Seniors Real Estate Specialists have received special training, regular updates, and are prepared to offer the options and information needed to make life changing decisions."

For planning the sale of your property or to downsize, let me know. It will be my pleasure to send you additional FREE information without any obligation.