Under Propositions 60 and 90, adults 55 and older can purchase a home of equal or lesser value than their existing home and transfer the current taxable value to their new home. This allows those who qualify to avoid higher taxes when changing homes within San Diego County. Proposition 90 specifies that residents of other California counties can also take advantage of this transfer, while avoiding tax hikes. Counties cooperating with San Diego include Alameda, Kern, Los Angeles, Modoc, Monterey, Orange, San Mateo, Santa Clara, and Ventura.
Provisions of the two measures include that the property being purchased have a value that is equal or less than that of the property being sold. Both properties must be the owner’s principal place of residence, when the transaction occurs. Also, the purchased home must be bought and sold within two years. Additional information regarding more specific provisions can be found by contacting the County Tax Assessor’s office.
Gregory J. Smith County Assessor, for the Prop 60 and 90 Help Desk direct, call (619) 531-5481
