by Guest Blogger, Diane Bucher, Realtor
What you Need To Know About Proposition 60/90: The
Senior Citizens Replacement Dwelling Benefit
IF you or your spouse that resides with you is age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the base value to your new property.
This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three year period relief will be granted beginning with the calendar year in which the claim was filed. Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
Frequently Asked Questions:
Q: What is the difference between Proposition 60 and Proposition 90?
A: Proposition 60 relates to transfers within the same county (intra-county). Proposition 90 relates to transfers from one county to another in California (inter-county).
Q: Do all replacement homes qualify?
A:If you meet all the other eligibility requirements, relief is granted for a single family residence, condominium, unit in planned development, cooperative housing, community apartment mobile home subject to local real estate property tax, and living unit within a larger structure consisting of both residential and non-residential accommodations.
Diane Bucher is a full-time real estate agent. Her mission is to help families and individuals realize their dreams and to make wise financial real estate decisions. For more information on Diane’s experience and services, visit: http://dianebucher.kwrealty.com/about/
- The SECURE Act – the Gift That Keeps On Giving - September 28, 2023
- The Importance of Hiring a Probate Attorney (VIDEO) - September 27, 2023
- IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis - September 14, 2023