Transfer Property Taxes When Selling

 

What is Prop 60?

It allows the transfer of an existing proposition 13 base year value from a former residence to a replacement residence in the same county, if certain conditions are met.

What is Prop 90?

Prop 90 is the same as Prop 60. The only difference is that is allows transfer between participating counties.

What Conditions Must be Met to Qualify?

As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

  1. he original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.
  2. The replacement dwelling must be of equal or lesser value than the original property.
  3. The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.
  4. Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.
  5. The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.
  6. Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed to receive the full relief. A claim filed after the three year time period will receive a prospective relief only.

Fill out the seller information request form below and we can help you determine if this applies to your situation.

 

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