Proposition 13, adopted in 1978, created an unintended incentive for seniors to hold on to larger homes as they become “empty nesters,” since moving to a new home would trigger a market-value assessment and the consequent tax increase.
When to file for Proposition 13 tax relief?
The senior or disabled owner must file an application (claim form with the county assessor’s office) within three (3) years following the purchase date, or new construction completion date, of the replacement property; and 7.
How old do you have to be to sell Proposition 13 property?
On or before the date of transfer (closing of escrow) for the original Proposition 13 property, either the seller or the seller’s spouse must be at least 55 years of age, or be severely or permanently disabled; 4. The replacement dwelling bought must be of equal or lesser value than the selling price of the original Proposition 13 property;
When to transfer Prop 13 base year value?
Propositions 60/90: Under certain conditions, persons aged 55 and older may transfer the Prop 13 base year value of their principal residence to a replacement residence. This is a one-time-only benefit, with one exception as noted below.
How old do you have to be to keep Prop 13?
Under current law, homeowners who are 55 and older or who are disabled can keep their lower Prop. 13 property tax assessment when buying a new home of equal or lesser value than their prior home.
Where can I transfer my Prop 13 assessment?
Eleven California counties have voted to let senior and disabled homeowners move their existing Proposition 13 property tax assessment across their borders under the current law. They are: Alameda. El Dorado. Los Angeles. Orange. Riverside. San Bernardino.
Where can I move with Proposition 13 tax relief?
Thus, if a senior wants to move from Los Angeles County to say Orange County, now the senior can take his or her old lower Proposition 13 assessed value to a new replacement residence of equal or lesser value to any of the following eight (8) California counties presently (as of February 15, 2010) accepting proposition 90: 1. Alameda; 2. El Dorado;
