Real Estate Tidbits

El Dorado County Adopting Proposition 90

Good news for California seniors moving to El Dorado County from elsewhere in California.

On December 15, 2009, El Dorado County's Board of Supervisors approved the implementation of Proposition 90 for inter-country property tax base year transfers.

This will allow seniors moving to El Dorado County to transfer their Proposition 13 base year value to be transferred from a previous residence to a replacement residence.  As with anything relating to taxes, however, there are conditions to be met to qualify.

And, unfortunately... Sacramento and Placer counties do not participate in Proposition 90 tax base transfers.

For all blog posts on Propositions 60 and 90, click here.

For more information on El Dorado County's implementation, click here.

PDF summary page, click here.

And for even more information, click here.

By the way, prop 60 allows for the transfers WITHIN the same county prop 90 allows the transfer from another county.

California Seniors Can Benefit from Propositions 60 & 90

California's Proposition 60 was a constitutional amendment approved in 1986 by voters. It allows an existing Proposition 13 base year value to be transferred from a previous residence to a replacement residence, but only if certain conditions are met, and if the transfer is within the same county. This benefit is open to homeowners who are at least 55-years old.

Proposition 90 can allow the property tax base to be transferred between counties, but with within certain conditions and limitatons, and only for certain counties.

Click here for a summary of Props 60 and 90 from the California Board of Equalization's website.

They can allow seniors to keep their property taxes low when buying a replacement home, but again, there are requirements that must be met.

Click here for more information on Proposition 60 and how it works. For a PDF version of the Prop 60 Questions & Answers, click here.

And for those of you who really want to learn more, background and other info, and can handle some dry reading, click here for Section 69.5 of the Revenue & Taxation Code.

Of course, laws and rules change regularly, so ensure you check with your county's assessor's office or other agency to ensure you follow the appropriate steps.