Are you a California homeowner aged 55 or older who's been contemplating a change of scenery or lifestyle? If so, you're in luck. Proposition 60 and 90, affectionately known as Prop 60/90, offer you a golden opportunity to make a seamless transition to a new home while reaping the benefits of valuable property tax savings. In this blog, we'll explore the advantages of Prop 60/90 and how it can enhance your California real estate experience. At The Hills Premier Realty, we're dedicated to helping you make the most of your real estate journey with the expertise of the best realtors in the business.
Understanding Proposition 60/90
Proposition 60/90 is a California constitutional initiative designed to provide property tax relief for homeowners aged 55 and older. This proposition allows eligible homeowners to transfer their current property's base year value to a replacement property within the same county (Prop 60) or to a different county (Prop 90) with certain conditions. This results in substantial property tax savings, making it an attractive option for those looking to downsize, move closer to family, or find their dream retirement home.
Key Benefits of Prop 60/90
1. Property Tax Savings
The primary benefit of Prop 60/90 is the significant property tax savings it offers. Instead of facing a property tax increase based on your new property's current market value, you'll retain the original assessed value from your previous home. This can result in substantial savings, especially in Los Angeles, where real estate values are typically high.
2. Financial Flexibility
With the property tax savings from Prop 60/90, you'll have more financial flexibility. Whether you're looking to downsize to a more manageable property, invest in real estate, or fund your retirement, Prop 60/90 empowers you to allocate your resources more effectively.
3. Seamless Transition
Moving to a new home can be challenging, especially when it involves navigating through complex tax rules. Prop 60/90 simplifies the process by allowing you to retain your existing tax assessment. This eliminates the stress of unexpected increases in property taxes and makes the transition smoother and more predictable.
How to Qualify for Prop 60/90
• Be 55 years of age or older at the time of the original property sale.
• The replacement property must be of equal or lesser value than the original property.
• The replacement property must be your primary residence.
• Both the original and replacement properties must be located in a participating county.
Partnering with The Hills Premier Realty
At The Hills Premier Realty, we understand the importance of making well-informed real estate decisions. Our team of experienced and dedicated real estate professionals is here to guide you through the process and help you maximize the benefits of Prop 60/90. With our in-depth knowledge of real estate and the California market, we're committed to providing you with top-notch service as the best realtors in the business.