Michael Roberts' Blog -San Jose Homes, Real Estate and Houses for Sale

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 at least 55 years of age when the original property is transferred.
• The replacement home must be of equal or lesser “current market value” than the original property.
• The replacement property must be purchased or built (newly constructed) within two years (before or after) the sale of the original property.
• An application must be filed by the owner within the three years following the purchase date, or completion date of new construction, of the sale of the original property.
• The filing is a one-time-only opportunity.  Prop 60/90 cannot be granted if the claimant, or spouse of the claimant has already been granted this relief in the past.
• Prop 60/90 relief includes, but is not limited to: single family residences, condos, units in planned unit developments, cooperative housing, corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owners’ living premises which are a portion of a larger structure.
• You, the taxpayer, are not eligible for this relief until you actually own AND occupy the replacement property as your principle residence

Proposition 90

Proposition 90 allows a homeowner to transfer the base year value of their principal residence in one county to a newly purchased residence in another county providing that certain requirements are met. Only a limited number of counties are participating in Proposition 90.

Proposition 90 Requirements (Santa Clara County):

• The requirements for Proposition 90 in Santa Clara County are the same as for Proposition 60 except for the following:

1.  Effective date: November 9, 1988.
2.  A non-refundable processing fee of $78 is required.

• The effective dates and filing fees vary from county to county. Those property owners interested in transferring the base year value from their principal residence located in Santa Clara County to a newly purchased residence in another county should call that county to make sure that the other county is participating in Proposition 90.
• Applications must be filed in the county where the newly purchased residence is located.
• The following is a list of those counties which have approved Proposition 90 and will currently accept base year value transfers from other counties.

It is essential for you to call the co-operating County to which you wish to relocate.  You will want to verify that they are currently accepting the value transfer under Prop 90 and what their particular requirements are.  For any further questions, the property tax office in Sacramento for all counties in California can be reached by calling (916) 445-4982.

Counties can and should be verified by calling the appropriate number…

• Alameda – (415) 272-3755
• Orange – (714) 834-2746
• San Diego – (619) 531-5507
• San Mateo - (415) 363-4500
• Los Angeles – (213) 974-3101
• Santa Clara – (408) 299-4347
• Ventura – (805) 654-2181

Assessor Real Property – General Questions, Property valuations and Propositions 3, 8, 60, 90
70 West Hedding St., East Wing
5th Floor
San Jose, CA 95110
Phone: 408-299-5300
Email: RP@asr.sccgov.org