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The following article 55 Or Older was authored by Scott Williams and is republished in this directory with the author's permission. These articles are published as an information source for real property owners, buyers, sellers, investors and brokers.
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55 Or Older
by: Scott Williams
Proposition 60 and 90 were enacted to provide a valuable one-time tax benefit by preventing reassessment to homeowners age 55 years or older who would like to sell their existing home and purchase or build a replacement residence worth equal or less than the original property. Therefore, although taxes have increased dramatically over the years, you can continue to pay approximately the same amount of annual property taxes as with your previous residence. These propositions apply to either the principal claimant of the original residence, or a spouse who resides with the seller who is 55 years of age or older at the time the home is sold.
How Do Propositions 60/90 Work?
The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 requires that both the original and replacement homes be within the same county. Proposition 90, later enacted, enables homeowners to transfer the principal residence to other counties as long as that county has implemented the initiatives.
Counties Currently Accepting Proposition 90 are:
Alameda, Modoc, San Mateo,
Kern, Orange, Santa Clara,
Los Angeles, San Diego, Ventura,
Counties subject to change. Check with your local Tax Assessor to check on current counties.
The new property must be purchased or built within two years before or after the sale of the original property. You must file an application within two years following the purchase date or new construction completion date of the new property. The forms are available at your local Assessor's public counters and regional offices.
What Does This Mean For You?
For those of you who may be empty nesters or just wanting to downsize, Proposition 60 and 90 are advantageous to your financial, and possibly personal best interest. By selling your existing home, which has appreciated tremendously over the years, you will reap the monetary rewards that will allow you financial freedom, while purchasing a more suitable residence and keeping your same low property tax rate.
What did you purchase your home for 10, 20, 30 or more years ago? Think of the appreciation! That means more time on the back nine, a longer stay at your luxury suite in the Caribbean, or just feeling financially secure. Why spend a lot of time, money and effort keeping up a home that has become too large for your needs, when it may make better sense to live in a smaller home or condo?
If you have any questions as to your eligibility for Proposition 60/90 or desire further clarification, please feel free to call me at 563-4031.
Know The Value of Your Home
It is important for you to have a current, accurate value of your home for many reasons, including your homeowner's insurance, tax and accounting purposes, and trust and estate planning. With over 26 years of experience assessing home values in Santa Barbara, I can provide you with an accurate value of your home.
When you need to know what your home is worth, just give me a call at 563-4031. I look forward to speaking with you.
Scott Williams has been involved in the real estate industry since 1977. By 1981 he rocketed to become the number one Santa Barbara agent in an organization with more than 200 agents. He has achieved the annual number one status in his office 14 times. Prior to entering real estate Scott graduated from UCSB. He has two children and mentors in the “Fighting Back” program.
He is a Certified Residential Specialist (CRS), a Graduate of the Realtor’s Institute (GRI), and teaches real estate courses for Santa Barbara Community College. Mr. Williams can be contacted at http://www.scottwilliams.com
This article was posted on May 26, 2004
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This article is the property of and published with the permission of Scott Williams. For more information regarding the author or to contact the author visit his website at http://www.scottwilliams.com
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