For a retiree or someone over 55 years old who wants to keep their taxes low with today’s Real Estate prices, Proposition 60/90 might be able to help save thousands per year.
Example of Proposition 60 / 90
Your home that you purchased back in 1980 is worth $700,000 today. Since you bought when prices were low, your current taxes are only $1,500 per year. The challenge many retirees on fixed income face is that if they purchase a replacement home at today’s prices in the State of California, their property taxes will likely double or even triple!
Proposition 60/90 helps certain homeowners keep their current tax amount.
Here are some of the highlights of the program:
- One of the owners must be over 55 years old at the time of sale
- The replacement property purchase must be completed within 2 years of the sale
- The claim must be within 3 years of purchasing the replacement property
- The sale and purchase may occur in different participating counties within California
- The replacement property must be “equal or lesser value” – refer to video above for details
More details on the Orange County’s website.
Get more information from Los Angeles County’s FAQ here.
Questions or need help finding a replacement home? Call or text Edwin at 714-501-2732
