Senior Citizen’s Replacement Dwelling TAX-SAVINGS Benefit
Everything You Need to know about Proposition 60/90
REQUIREMENTS FOR ONE-TIME ONLY TAX TRANSFER
1. Homeowner or Spouse must be 55 years or older.
2. The value of the replacement residence must be equal to, or less than, the value of the residence being sold.
2. Both residence being sold and replacement residence must be the principal place of residence.
3. The replacement residence must be located in the same county as residence being sold – or in a county participating in the ordinance.
4. Replacement property must be purchased, or newly constructed, within 2 years (before OR after) the sale of the property being sold.
FREQUENTLY ASKED QUESTIONS
Q: What's the difference between Proposition 60 and Proposition 90?
A: Prop 60 involves transfers within the same county. Prop 90 involves transfers of base values from one county to another county in CA.
Q: If I qualify for Prop 60/90, must I still file a Homeowner’s Exemption - on the replacement property?
A: Yes. Homeowners’ Exemptions are not granted automatically; you must file paperwork to start the process.
Q: Do all replacement homes qualify?
A: If all other eligibility requirements are met, relief’s granted for these types of home: single family residence, condominium, planned development unit, cooperative housing, and community apartment.