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Old Torrance Real Estate and Homes for Sale

Old Torrance CA Real Estate and Homes for Sale

Think You Can’t Downsize Because Your Property Taxes Would Go Up?

November 8, 2018 by admin Leave a Comment

If you think you can’t sell your Old Torrance home and buy something elsewhere due to your property taxes going up, we have information that might really help.

California Propositions 60 and 90

PROPOSITIONS 60 and 90 are Constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. They were enacted to encourage a person, age 55 or older to “move down” to a smaller residence. When a senior citizen acquires a replacement property worth less than the original property, he/she will continue to pay approximately the same amount of annual property taxes as before.

Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance.

How Do These Propositions Work?

If he/she qualifies, when the senior citizen purchases or constructs a new residence, it is not reassessed. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originallyrequired that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Los Angeles County enacted an ordinance to provide that when the replacement is located in Los Angeles County, the original property may be located in any other California county.

Who Qualifies?

The seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale.

When Are These Propositions Effective?

The replacement residence must have been purchased or constructed on or after November 5, 1986 if the original was located in Los Angeles County. The replacement residence must have been purchased or constructed on or after November 9, 1988 if the ongmal was located in any other California county. Claims must be filed within three years following the purchase of the replacement residence.

Were Are Claim Forms Available?

Forms are distributed at Assessor’s public counters, in Room 225 of the Kenneth Hahn Hall of Administration, and in district offices. If you need additional information, call (213) 893-1239. The forms may also be available online at the various county assessors websites.

Counties Accepting Prop 90 Transfers:

As of November 7, 2018, the following ten counties in California have an ordinance enabling the intercounty base year value transfer:

Alameda
Los Angeles
Orange
Riverside
San Bernardino
San Diego
San Mateo
Santa Clara
Tuolumne
Ventura

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