Wondering how these propositions might effect YOU? We’ve got you covered with this quick and easy guide:
According to LawyersTitle, “Propositions 60, 90, and 110 are constitutional amendments approved by the voters of California. They provide for the transfer of a property’s base year value from an existing residence to a replacement residence, under certain conditions, for qualified persons over the age of 55 or persons of any age who are severely and permanently disabled.”
This is exciting news, but how do you know if you qualify?
- Both properties must be located in the same county
- Seller (or spouse) must be 55+
- Original house must be eligible for Homeowner’s Exemption or Disabled Veteran’s Exemption
- Replacement home must be equal or lesser value
- Replacement home must’ve been acquired within two years of the sale of the original home
- Owner must file an application within 3 years of the purchase of replacement home
- Original property must be subject to reappraisal at current value
How do I apply?
First, file a claim with the assessor and then they will determine if the transaction qualifies.
Wondering if you can file if you own homes in two different counties? Check out this list:
“Currently, the following ten counties in California have an ordinance enabling the intercounty base year value transfer,” says LawyersTitle:
• San Mateo
• Los Angeles
• San Diego
• Santa Clara
• San Bernardino
Still not sure if you qualify?
Avenue 3 Realty is the San Diego real estate company people trust.