Senior citizens 55 years of age or older can buy a residence of equal or lesser value than their existing home and trans- fer the current taxable value to their new property. This provides property tax relief for seniors by preventing a tax increase if they sell an existing home and buy another in the same county. This is a one time program, and you must buy and sell within two years. The properties must also be the principal place of residence. Finally you must file the necessary
application with the Tax Assessor.
This program allows seniors to transfer their current taxable value from their current county into the same or another qualifying county in California. The replacement residence must be of equal or lesser value than the original residence. The counties which are participating in Proposition 90 are as follows: Alameda, Kern, Los Angeles, Modoc, Orange, San Diego, San Mateo, Santa Clara, and Ventura. Proposition 110:
Is a constitutional amendment approved by the voters of California in 1990. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are severely and permanently disabled to transfer an existing Prop. 13 factored base year value to a replacement residence, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 110. Before attempting to transfer your base year value to another county under the provisions of Prop. 110, you should contact the local county Assessor to discuss eligibility.
Proposition 13 was a 1978 amendment of the California Constitution (Article XIIIA), aimed at controlling housing price increases. It limited the assessed value of existing homes to 1975-1976 values, limited tax rates to one percent of assessed value (plus any voter-approved surcharges), and limited inflation-based increases to two percent annually. Proposition 13 value is the full market value, adjusted according to these limits. Thus, the factored base year value of the original residence is the original base year value, adjusted by the annual inflation factor for each taxable year under the current ownership. Before making plans to move, call the County Assessor’s Office in the county you are
moving to and request the most recent information concerning Proposition 60, 90, 110, 13.