PROP 60 & PROP 90
Did you know…
Even though Prop 5 (C.A.R.’s historic effort to expand senior homeowners’ ability to transfer their low property tax base when they move) did not pass, the provisions of the existing Prop 60 and Prop 90, which Prop 5 would have expanded on, are still in place. Prop 60 allows homeowners who are 55 years or older to sell his/her principal place of residence and transfer its tax base to a replacement home of equal or lesser value that is purchased or constructed within two years of the sale. Prop 90 allows for that same tax base transfer to occur when a homeowner is moving to a different county, if the county has authorized such a transfer.
The following ten counties current accept the intercounty tax base transfer:
Only an astonishingly low number of current real estate transactions currently utilize the existing tax base transfer. If your client is age 55 or older and has not heard of this tax base transfer, chances are, they have not yet utilized it. Simply search “Prop 60/Prop 90” on your county Assessor’s website to find more information and download the corresponding BOE-60-AH form.