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DID YOU KNOW
PROPOSITION 60 & 90 IN CALIFORNIA
Prop 60
Senior citizens 55 years of age or older can buy a residence of equal or lesser value than their existing home and transfer the current taxable value to their new property. This provides property tax relief for seniors by preventing a tax increase if they sell an existing home in Orange County and buy another.
This is a one time program, and you must buy and sell within two years. The properties must also be the principal place of residence. Finally you must file the necessary application with the Tax Assessor.
Prop 90
This program allows seniors to transfer their current taxable value into Orange County even if they move from another another qualifying county in California. The replacement residence must be of equal or lesser value than the original residence.
To the best of my knowledge this is the current list of counties: Alameda, Orange, Kern, Monterey, San Mateo, Modoc, Los Angeles, Santa Clara, and Ventura.
The list of Counties is constantly changing, so check with the ORANGE COUNTY TAX ASSESSOR to see if your county qualifies. Click on the link.