Can I transfer my property tax base?

By
Real Estate Sales Representative with Gallagher & Lindsey, Alameda, California
http://actvra.in/BHW

 

Can I transfer of my property tax base?

Sellers have asked about keeping their property tax base when they downsize. Some counties in California are participating in the transfer of a seller’s property tax base when they sell their home and buy a replacement home of equal or lesser value.  Currently the following counties have ordinances allowing Props 60 and 90 property tax base transfers:

  • Alameda
  • Santa Clara
  • San Mateo
  • El Dorado
  •  Los Angeles  
  • San Diego
  • Ventura  
  • Orange  

 


seniors talking about transfer of property tax base At the time of the sale, an owner of the property must be 55 years old.  If there are co-owners of the property, only one need be 55 years old.  Regardless of age, if you are severely and permanently disabled you may transfer your property tax base to a replacement home.

Transfer of your property tax base can be used only once, unless the person seeking the transfer is now severely and permanently disabled.

The replacement home must be purchased or newly constructed within two years either before or after the sale of the original property.

The sale of the home must result in a change of ownership and a subsequent re-appraisal of the home to its current market value to transfer the tax base.

Transfer of the property tax base requires that the owner of the replacement property live in the property and the property be the principal residence of the owner.

The market value of the property which tax base is being transferred to “must be equal or less than the market value of the original property on the date of the sale.”   According to California Board of Equalization "equal or less" means:

  • 100% or less of the market value of the original property if a replacement property were purchased or newly constructed before the sale of the original property, or
  • 105% or less of the market value of the original property if a replacement property were purchased or newly constructed within the first year after the sale of the original property, or
  • 110% or less of the market value of the original property if a replacement property were purchased or newly constructed within the second year after the sale of the original property.

In Alameda County you may apply to transfer your property tax base by call the Assessor’s Office at 510-272-3787(base value transfers).


If you are considering selling your home I can help you navigate the property tax transfer gauntlet.  Call or text me at 510-504-5612.  Visit my Facebook page Senior Living in Alameda.



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Topic:
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California Alameda County
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Rainmaker
634,747
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Kathy:

It is such a good thing that some counties still are willing to accept the buyer's former tax base.  Happy Memorial Day.

May 28, 2012 08:53 AM
Rainmaker
485,175
Curtis Van Carter
Napa Valley's Broker Extraordinaire in Yountville
Coldwell Banker Brokers ofthe Valley, Yountville Napa Valley

Evelyn

Very good post about this important property tax consideration. I know the list of Prop. 90 counties is small but I tried to find one for Prop 60 for I believe just about every county in CA allows this. I know Napa County does and when I Goggled this, it seems almost every other county was saying it does. cheers cvc

May 28, 2012 09:07 AM
Rainmaker
634,747
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Curtis:

Good information for me.  It is a good thing that most counties do allow property tax transfers within their counties.  Because of their limited income seniors need the ability to transfer their tax base.  happy Memorial Day.

May 28, 2012 09:30 AM
Rainmaker
591,458
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Evelyn - Great post and information for current home owners to have especially if they want to downsize and need to hold onto that lower tax basis that they currently have.

May 28, 2012 11:39 AM
Rainmaker
634,747
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Laura:

This is such a great thing for seniors who are downsizing.  Thanks for your comment.  Hope all is well in Tahoe.

May 28, 2012 12:48 PM
Anonymous
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Rainmaker
634,747

Evelyn Kennedy

Alameda, Real Estate, Alameda, CA
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