Tax Savings for Seniors

Seniors Can Transfer the Tax Base of Their Current Home to a New Home

California Propositions 60 and 90 allow seniors 55 and over to transfer the property tax base of their current home to a new replacement home. Only one spouse needs to be at least 55 to use this benefit.

As with any good thing, there are some restrictions to note.

• This can only be used ONCE! After you and your spouse have filed for this benefit, neither you nor your spouse can ever use it again.


• The replacement home must be purchased within 2 years of the sale of the original home.


• You must file your claim for the exemption within 3 years after the purchase or construction of the new home.


• The new home must be of equal or lesser value than the original home.


• You may move FROM another county in California and still receive this benefit in Los Angeles County.


• If you move TO another county from Los Angeles County, then you'll need to check to see if that county will allow you to use the benefit. Many do reciprocate, but some do not!

For more information on Prop 60 and 90 requirements, click here

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Linda Slocum
HoneyStartPacking.com

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