When many seniors think about selling their home and "scaling down" or moving to a single story home they are concerned that they will be paying higher taxes, due to our "Prop 13" tax laws in California.
Are you aware of Prop 60/90? It is the tax provision that allows you to keep your tax base- on a one time basis- within California. Basically, this is how it works. Seniors need to buy a home that costs the same or less than the home they sold/ are selling. It works within the same county in most cases- some counties (few) have a reciprocal agreement that allows you to move within different counties and have the same privilege. (Note: San Diego County is the most lenient county in the state, allowing you to move here from ANY county and bring your tax base with you!)
Keep in mind that this is, for the most part, and with only a few exceptions, a one time allowance. You have a time period- I think up to two years to file for the transfer of the tax base. I suggest that my clients wait a while after moving before filing for the allowance. Why? because I have seen clients move from a detached home into a condo- only to find that they HATE condo living after 3 or 4 months. If they have already taken their one time allowance- and they decide to sell and move- they have lost it forever!
As a Senior Real Estate Specialist helping my clients negotiate through situations like this is one of my services.
If you have any further questions, take a look at the link below- or give me a call! I'm happy to help!
http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment