PROP 60 AND WHY IT IS BECOMING MORE IMPORTANT: Proposition 60 pertains to a regulation passed in California in 1986. It pertains to someone over the age of 55 who sells a house that has a tax assessment that is very low in comparison to the current fair market value. This is due to the restrictions placed on property tax increases by Prop 13. The homeowner would like to sell and buy another home, but they would like to keep their current low assessment. This law allows them to sell and buy another home for as much or less than their sales price. They would then keep the low tax assessment on their next home. It must be done within two years from the sale; the purchase can be first or second; and if they buy after the sale of their current home, they can be small increases from the original sales price. Prop 60 allows this transfer only in the same county. Why is this becoming more important? Because with prices rising faster than taxes again, many seniors would like to sell and down size without tax increases.
Posted on: Wed, 06 Nov 2013 20:10:36 +0000
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