Want to make a move but worried about a higher tax bill? Well if you are over 55 there are options available to make that Orange County dream move a reality.
Here are the general guidelines for the transfer of the Property Tax Base from one principle place of residence for another principle place of residence. Both residences must be within the same county.
- One of the property owners must be at least 55 years old on the day of the transfer of the principle place of residence.
- The subsequent principles place of residence must be transferred (I.e. close of escrow on purchased home) within 2 years of the transfer date of the first principle place of residence.
- A five percent inflation allowance is permitted if the subsequent purchase occurs less than one year from sale date of the original placed of residence.
- A ten percent inflation allowance is permitted if the subsequent purchase is at least one year and one day but less than two years of the sale date of the original property.
- All prop 60 transaction must be completed within 2 years
- Proposition 90 will allow the inter-county transfer of the property tax base if the county supervisors have approved it. Counties subject to change without prior notice.
Tax laws are never simple and rarely clear but these regulations can help someone looking to move within certain parameters, such as someone looking to move to a one story property of around equal value to their current two story home. To confirm all information you need to contact your county assessor’s office to determine if you qualify and if they allow Proposition 90 in that county. If you want to discuss how this may impact you feel free to contact me and I will share my knowledge on the matter and direct you to where you can get more information relating to your individual situation.
949 599 6860