Hey, this is John Fraker with Keller Williams Bay Area Estates. Today we’re going to talk about a very important benefit for homeowners over the age of 55. If you’re thinking about selling your house in the next few months, you definitely want to pay attention.
Proposition 60 allows you to take your Prop 13 tax basis with you within your same county. So if you sell a property in Santa Clara County and relocate and buy a house in Santa Clara County, you can take your Prop 13 basis with you.
Proposition 90 extends the same benefit to certain participating counties throughout the state of California. The most important thing to know about Prop 90 is that not all counties will honor it. As you may recall, there was a recent ballot initiative that was defeated that would have allowed you to take it to any county in the state of California. However, since that ballot initiative did not pass, Proposition 90 only applies to certain participating counties. If you’d like to find a list of those counties that participate, please go to my website and I’ll have a link to the Board of Equalization’s website and you can stay up-to-date.
Again, this is John Fraker with Keller Williams Bay Area Estates. Have a great day.