Proposition 60/90 - San Diego Property Tax Relief
Posted by Brad Seaman on
Proposition 60/90 – San Diego Property Tax Relief for 55+
Proposition 60 – What is it?
Definition:
A constitutional amendment passed by California voters that provides a one-time benefit for homeowners 55 and older to transfer the tax base of their principal residence upon sale to another principal place of residence of equal value. This can result in substantial property tax savings for the homeowner. Prop 60 refers to property tax transfers within the same county.
Qualifications:
• The property being sold must be the homeowner’s principal place of residence – owner occupied.
• The property being sold must sell for at least what was paid for the replacement principal place of residence.
• One of the property owners must be at least 55 years old…
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