Prop 60 and Prop 90 Transfer Tax Reminder
Monday, February 22, 2010
You may be thinking of selling your home by downsizing or moving closer to family, well Proposition 60 and Proposition 90 have to be considered too. Ask your CPA.
California property owners who are over 55 years of age may qualify to transfer the assessed value of their principal residence home sold in one County to their new principal residence they buy in another County.
A copy of the tax bill from the other county and a copy of the applicant’s birth certificate will be required by the County Assessor to be included in the application.
This website provides property tax answers for property owners who are selling and plan to move.
A Copy of the grant deed for the new purchase along with a copy of the closing statement of both the sale and purchase are also required.
Here is a short summary of the eligibility requirements…
- Either the seller, or a spouse residing with the seller, must be Read the rest of this entry »
