How California Prop 90 Helps Senior Citizens to Move Home More Affordably
A good financial industry contact of mine just informed me that the El Dorado County Board of Supervisors recently approved an extension of California Proposition 90 ordinance through October 1, 2021.
This got me thinking about Prop 90, as it's more commonly referred to, and how widely its benefits to senior citizens are appreciated and utilized.
First of all, let's re-cap exactly what Prop 90 is and how it can benefit anyone over 55 in moving home around many parts of the State of California.
Prop 90 was created to stimulate higher turnover of homes owned by senior citizens.
Under California Proposition 13, the value of a home is re-assessed to the current market value upon a change in ownership. Under Prop 90, anyone over 55 moving home in counties that have approved Proposition 90 are able to do so without undergoing a change in their basic property taxes.
It's quite possible that you may have heard of Prop 60 working to the same principles. The key difference, however, is that Prop 60 only allows transfers of base year values within the same county.
Here is a list of counties that currently have approved Prop 90:
Clearly there are a number of counties that haven't adopted this ordinance. However, I hope it is both interesting and useful for senior citizens to know that movement in and around certain counties provides this important benefit.
Of course Prop 90 is just one, albeit important, aspect to consider if you plan to move home in your later years, quite possibly downsizing. My team and I have immense experience in every aspect of this process and would be delighted to provide any advice you may require. Why not call us today.