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.