Are you 55 or older and want to keep your tax bases? If so, we’ve got some great information for you today. Our lovely guests, Shawn and Alix from Fidelity Title, are joining us to talk about Propositions 60 and 90 and why they’re important to you.
Propositions 60 and 90 are constitutional amendments in California that allow tax relief for a homeowner who is 55 years of age or older. This allows them to transfer that tax base to another property. There are some requirements you need to meet in order to qualify for these. Here are the most important:
- Either you or your spouse has to be 55 or older.
- The home has to be your principal residence.
- When you’re making the transfer, it has to be to a property that is of equal or lower market value.
- You must find the replacement property within two years of selling your current home.
There are some potential upgrades coming to Propositions 60 and 90 as well. They aren’t on the ballot in California yet, but signatures are being collected right now. If these amendments pass, they open up the benefits to all of San Diego County and will allow homeowners to use them more than once. Currently, you can only transfer the tax base once. Another big change could allow you to transfer your tax base to a home that’s worth more instead of being at equal or lesser value.
If something like this happens in the near future, that would open up the market to a ton of buyers in the area. If you want more information about how you can qualify for Propositions 60 and 90, don’t hesitate to give me a call or send me an email. I would love to hear from you and talk to you more about how you can benefit from the San Diego real estate market right now.
