Tax Benefit Prop 60
Homeowners Age 55 Plus
Tax Benefit Prop 60 – For Homeowners Age 55 Plus
Tax Benefit Prop 60 is a constitutional amendment that the voters of California approved it in 1986.
Prop 60 allows a home seller to transfer their existing Prop 13 base-year value from the home they’re selling to their replacement property in the same county.
Homeowners may take advantage of this one-time tax benefit it they meet all the following qualifying conditions, may be not limited to, please see tax assessor directly for up-to-date information.
- As of the date of the transfer, the seller or spouse must be at least 55 years of age.
- The sold property must have been eligible for the Homeowners’ exemption or entitled to the Disabled Veterans’ Exemption.
- The property sold must be equal or higher in value than the replacement property.
- Within 2 years of the sale of the original property, the replacement property purchased or newly constructed.
- The original property must be subject to reappraisal at its current fair market value
If a California homeowner, 55+, is planning on their replacement property being of another county than they currently live, this would fall under the rules of Proposition 90. The participating California counties are currently:
- El Dorado
- Los Angeles
- San Bernardino
- San Diego
- Santa Clara
- San Mateo