A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
California Proposition 60 and 90
I talked about proposition 13 and
how important it is to California Home owners. There are two other propositions
that also are very important to home owners 55 years and older. With prop 13
the property tax base is the year you
purchased your home. Proposition 60 and 90 deals with selling your primary
residence and taking your tax base with you.
Proposition 60 allows transfers of base year values within
the same county (intracounty). Proposition 90 allows transfers from one county
to another county in California (intercounty) and it is the discretion of each
county to authorize such transfers. As of September 19, 2013, only nine
counties have passed an ordinance authorizing intercounty transfers; The
following nine counties in California have an ordinance enabling the
intercounty base year value transfer:
Alameda
Orange
San Mateo
El Dorado
Riverside
Santa Clara
Los Angeles
San Diego
Ventura.
Here is the link to frequently ased questions for prop 60
and 90 http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#2
These two propositions are important because it allows
people 55 and older to be able to sell their home and move either to the same
county or to another county and still keep their original tax base. In my capacity
as a Real Estate Broker and in Property Management in Orange County Ca. I have deal
with these types of sales. The most important thing is to follow the rules to
the letter, or you will be surprised with a tax bill.
Here are the eligibility
requirements I have taken from the California www.ca.gov web site.
You, or a spouse residing with you, must have been at
least 55 years of age when the original property was sold.
The replacement property must be your principal
residence and must be eligible for the homeowners' exemption or disabled
veterans' exemption.
The replacement property must be of equal or lesser
"current market value" than the original property. The
"equal or lesser" test is applied to the entire replacement
property, even if the owner of the original property purchases only a
partial interest in the replacement property.
Owners of two qualifying
original properties may not combine the values of those properties in
order to qualify for a Proposition 60 base-year value transfer to a
replacement property of greater value than the more valuable of the two
original properties.
The replacement property must be purchased or built
within two years (before or after) of the sale of the original property. To receive retroactive relief from the date of
transfer, you must file your claim within three years following the
purchase date or new construction completion date of the replacement
property.
Your original property must have been eligible for the
homeowners' or disabled veterans' exemption either at the time it was sold
or within two years of the purchase or construction of the replacement
property.
The original property must be
subject to reappraisal at its current fair market value at the time of sale,
unless the buyer(s) of your original property also qualify the property as a
replacement property for a base year value transfer due to disaster relief or a
base year value transfer for a severely and permanently disabled person.
Therefore, most transfers between parents and children will not qualify.
This is a one-time only benefit.
Once you have filed and received this tax relief, neither you nor your spouse
who resides with you can ever file again, even upon your spouse's death or if
the two of you divorce. The only exception is that if you become disabled after
receiving this tax relief for age, you may transfer the base year value a
second time because of the disability, which involves a different claim form
As a business, Property Management
in Orange County California It is important to understand that these two
propositions only apply to your primary residence, not investment property.
siness is Property Management in Orange County Califonia
California Proposition 60 and 9
I talked about proposition 13 and
how important it is to California Home owners. There are two other propositions
that also are very important to home owners 55 years and older. With prop 13
the property tax base is the year you
purchased your home. Proposition 60 and 90 deals with selling your primary
residence and taking your tax base with you.
Proposition 60 allows transfers of base year values within
the same county (intracounty). Proposition 90 allows transfers from one county
to another county in California (intercounty) and it is the discretion of each
county to authorize such transfers. As of September 19, 2013, only nine
counties have passed an ordinance authorizing intercounty transfers; The
following nine counties in California have an ordinance enabling the
intercounty base year value transfer:
Alameda
Orange
San Mateo
El Dorado
Riverside
Santa Clara
Los Angeles
San Diego
Ventura.
Here is the link to frequently ased questions for prop 60
and 90 http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#2
These two propositions are important because it allows
people 55 and older to be able to sell their home and move either to the same
county or to another county and still keep their original tax base. In my capacity
as a Real Estate Broker and in Property Management in Orange County Ca. I have deal
with these types of sales. The most important thing is to follow the rules to
the letter, or you will be surprised with a tax bill.
Here are the eligibility
requirements I have taken from the California www.ca.gov web site.
You, or a spouse residing with you, must have been at
least 55 years of age when the original property was sold.
The replacement property must be your principal
residence and must be eligible for the homeowners' exemption or disabled
veterans' exemption.
The replacement property must be of equal or lesser
"current market value" than the original property. The
"equal or lesser" test is applied to the entire replacement
property, even if the owner of the original property purchases only a
partial interest in the replacement property.
Owners of two qualifying
original properties may not combine the values of those properties in
order to qualify for a Proposition 60 base-year value transfer to a
replacement property of greater value than the more valuable of the two
original properties.
The replacement property must be purchased or built
within two years (before or after) of the sale of the original property. To receive retroactive relief from the date of
transfer, you must file your claim within three years following the
purchase date or new construction completion date of the replacement
property.
Property Management in Anaheim Ca.
Your original property must have been eligible for the
homeowners' or disabled veterans' exemption either at the time it was sold
or within two years of the purchase or construction of the replacement
property.
The original property must be
subject to reappraisal at its current fair market value at the time of sale,
unless the buyer(s) of your original property also qualify the property as a
replacement property for a base year value transfer due to disaster relief or a
base year value transfer for a severely and permanently disabled person.
Therefore, most transfers between parents and children will not qualify.
This is a one-time only benefit.
Once you have filed and received this tax relief, neither you nor your spouse
who resides with you can ever file again, even upon your spouse's death or if
the two of you divorce. The only exception is that if you become disabled after
receiving this tax relief for age, you may transfer the base year value a
second time because of the disability, which involves a different claim form
As a business, Property Management
in Orange County California It is important to understand that these two
propositions only apply to your primary residence, not investment property.
A.D. Cantelmo Property
Management Specializes in Property Management in Orange County
Ca.