Propositions 60 and 90 Highlights
In most cases, these constitutional tax initiatives allow senior citizens to transfer the
trended base value from their current home to a replacement property if certain
requirements are met. This may result in substantial tax savings.
Who Qualifies?
If you or your spouse that resides with you are age 55 or older, you may buy or con-
struct a new home of equal or lesser value than your existing home and transfer the
trended base value to your new property.
This is a one-time only benefit. You must buy or complete construction of your re- placement home within two years of the sale of the original property.
Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
Eligibility Requirements:
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
residence, even if the owner of the original property acquires only a partial interest
in the replacement residence. Owners of two qualifying original residences may not
combine the values of those properties in order to qualify for a Proposition 60
base-year transfer to a replacement residence of greater value than the more valuable
of the two original residences.
The replacement property must be purchased or built within two years (before or
after) of the sale of the original property.
Your original property must have been eligible for the Homeowners’ or Disabled
Veterans’ Exemption.
You, or a spouse residing with you, must have been at least 55 years of age when
the original property was sold.
For more tips, and personal guidance when you are ready, please contact me at your convenience. I have over 30 years of Financial Maximization in my background and can help you Mastermind a Strategy that will achieve a balance of your financial and lifestyle goals!
In most cases, these constitutional tax initiatives allow senior citizens to transfer the
trended base value from their current home to a replacement property if certain
requirements are met. This may result in substantial tax savings.
Who Qualifies?
If you or your spouse that resides with you are age 55 or older, you may buy or con-
struct a new home of equal or lesser value than your existing home and transfer the
trended base value to your new property.
This is a one-time only benefit. You must buy or complete construction of your re- placement home within two years of the sale of the original property.
Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
Eligibility Requirements:
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
residence, even if the owner of the original property acquires only a partial interest
in the replacement residence. Owners of two qualifying original residences may not
combine the values of those properties in order to qualify for a Proposition 60
base-year transfer to a replacement residence of greater value than the more valuable
of the two original residences.
The replacement property must be purchased or built within two years (before or
after) of the sale of the original property.
Your original property must have been eligible for the Homeowners’ or Disabled
Veterans’ Exemption.
You, or a spouse residing with you, must have been at least 55 years of age when
the original property was sold.
For more tips, and personal guidance when you are ready, please contact me at your convenience. I have over 30 years of Financial Maximization in my background and can help you Mastermind a Strategy that will achieve a balance of your financial and lifestyle goals!