Tuesday, April 1, 2014 / by Karen Bartlett
Thought I'd share some good information that I read this week about Proposition 90 ! You’re wondering what is Proposition 90 ? In November 1988 the state's voters approved this proposition which is designed to induce greater turnover of homes owned by senior citizens. The measure provides anyone over the age of 55 with relief from Proposition 13 by allowing them to move from one county to another without undergoing a change in their basic property taxes.
Proposition 90 is a "local-option" law: each county has the option of participating. If a county has adopted a Proposition 90 ordinance, it accepts transfers of property tax base assessments from other California counties. If the county that the homeowner is moving from does not have a Proposition 90 ordinance, this does not affect the eligibility of the homeowner.
The following is a list of those counties which have approved Proposition 90 and will currently accept base year value transfers from other counties as of Sept 19 , 2013
- El Dorado
- Los Angeles
- San Diego
- San Mateo
- Santa Clara
Please note: Proposition 60 is a similar law passed by the state's voters two years prior to Proposition 90. it allows seniors to keep their property tax base assessment when they move within the same county. Please be sure to contact the county of interest to verify eligibility as participating counties are subject to change.
* Contact your County Assessor's Office as well as your Tax Accountant before making any decisions or taking legal action and visit www.boe.ca.gov for further details. Information gathered for this blog courtesy of Fidelity National Title.