Which County’s will allow you to take your old Prop 13 tax base with you? This falls under Proposition 90 which allows transfers from one county to another county in California (inter-county) and it is the discretion of each county to authorize such transfers.
What are the counties that have enacted ordinances to accept inter-county transfers?
As of June 5, 2015, the following eleven counties in California have an ordinance enabling the inter-county base year value transfer:
Alameda, Orange, San Diego,Tuolumne, El Dorado *Riverside, San Mateo, Ventura, Los Angeles, San Bernardino, and Santa Clara
Since the counties indicated above are subject to change, it is recommended contacting the county to which you wish to move to verify eligibility.
* On August 30, 2016, the El Dorado County Board of Supervisors approved an extension of their ordinance, which will now sunset on October 1, 2021.
Do you know you can take your old tax bill, the cheap Proposition 13 roll-back basis, WITH you when you sell your home? How about transferring to another County and keeping your old property tax basis? Did you have your taxes “rolled-back” due to the real estate crash of 2007 only to see them bounce back big time? These and other perplexing questions answered as Greg Walsh, Chief Deputy Assesor joins us on the show this Sunday!
Propositions 60, 90 and 110 are voter-approved amendments (Revenue and Taxation Code, Paragraph 69.5) which allow qualifying Sonoma County homeowners to transfer the taxable value of a previous residence to a new residence. For many people, this can result in substantial tax savings.
You (or your spouse who resides with you) must either be at least 55 years of age (Prop 60) or severely and permanently disabled (Prop 110) as of the date you sell the home you are replacing.
We sometimes refer to the process of reviewing property as “the Prop 8 review process” because of its association with temporary declines in taxable value allowed by the passage of Proposition 8 in 1978.
Long time friend of the Real Estate Hour, the attorney who did my own trust , Janne O’Neil celebrated 20 years coming on the show on Memorial Day weekend of this year. Wow! We both looked at each other and said–20 years? Holy Toledo (or words to that effect!). If you’ve not heard Janne speak before she is very measured and takes her time delivering her answer. This is how she works. Something we all need in a good attorney. Janne works with Trusts and estates plus probate. She is a fabulous Elder Law Attorney “compassionate, experienced Advocate who will fight for your rights!”
Here in the lovely “Wine Country” housing market you can’t be complaining about the interest rates! If you are retiring in 7 years and perhaps moving to another area then hook onto a refinance as your rate would be 3.125% Wow! Or opt for a 15 year loan and enjoy super low rates and rapid equity build up.
Listen to Mike on "The Real Estate Hour", Sundays, 9 to 10am PST, 1350AM,103.5 FM or www.KSRO.com