Property Tax Exclusions for Seniors and Disabled
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Property Tax Exclusions for Seniors and Disabled
Prop 60, Prop 90, and Prop 110
- Proposition60 allows the transfer of base-year property values within the same county.
- Propostion 90 allows transfers from one CaliforniaCounty to another.
- Prop. 110 allows transfers for severely and permanentlydisabled property owners within the same county and from one California County toanother.
Benefits of Prop 60/90/110
All of these are property tax savings programs for owners’ age 55 or older, or severely and permanently disabled, who sell a home and buy another of equal or lesser value. Under Proposition 13, a home is appraised at its full market value at the time it is purchased. Props. 60/90/110 allow the taxable value on the original home to be transferred to the replacement home. That prevents any increase in property taxes when the new home is appraised.
Example: An applicant sells their former residence for $489,000 and purchases their new property for $340,000. The assessed value on their former residence at the time of sale was $261,669. Under the guidelines of Prop. 60/90, we would transfer their assessed value plus 2% ($266,901) to the new residence. Hence, their new taxable value on the new residence would be$266,901, instead of $340,000. Propertymust be the owner’s principal place ofresidence.
