Tax Savings for Seniors (prop 60/90)Proposition 60 and 90 are property tax savings programs for homeowners age 55 or older who sell their home and buy another of equal or lesser value. They allow the taxable value of the original home to be transferred to the replacement home, preventing an increase in property tax due to the relocation.
Important to note about these 2 tax transfers initiatives is that Proposition 60 allows transfers of base year values within the same county (intra-county), while proposition 90 allows transfers from one participating California county to another (inter-county). San Bernardino County has adopted to participate in Prop 90 effective November 20th, 2014. Now the following 10 California counties will be the ones talking part in Prop 90 transfers: Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Mateo, San Diego, Santa Clara and Ventura.
Included is an updated WRT Info Sheet on these propositions. For more technical answers to your questions, see the FAQ’s link found on the California State Board of Equalization website: PROP 60/90.
Congratulations San Bernardino County, you’ve just helped make retirement for Southern California seniors more attractive while keeping it LOCAL!
