Prop 60 – Orange County Home Buyers Over 55 Can Save on Property Taxes

By
Real Estate Agent with Ventana Coastal Properties - www.FindCARealEstate.com

If you are 55 years or older and are considering a move to a smaller home or simply a home that better meets your needs, Prop 60 may provide significant savings on your property tax bill. Proposition 60 was approved by California voters in 1986 and allows qualifying home owners to replace their primary residence with a new home of equal or lesser value and maintain their same tax base.

Prop 60 - Orange County Tax SavingsThis offers a distinctive benefit to those home owners who have owned their homes for a long time and have enjoyed low tax rates as a result of California’s Proposition 13. As an example, someone who bought their home 20 years ago for $300,000 may be paying approximately $3500 per year in property taxes. If this home has a market value of $900,000 today, the homeowner could potentially sell the home and move into a $600,000 home and still pay just $3500 per year in property tax vs. $6900 without Prop 60. As you can see the savings can really add up.

 

While Prop 60 allows for a replacement property in the same county, Prop 90 was later passed and allows for qualified home owners to sell their home under Prop 60 and buy a replacement home in a “reciprocal” county. There are currently 7 California counties participating in the program.

 

Here are some of the conditions that must be met to qualify:

 

  • The original home and the replacement home must be primary residences.

 

  • The original home and the replacement homes must be in the same county or a “reciprocal” county.

 

  • The seller and/or spouse must be 55 years of age or older at the time of transfer.

 

  • Replacement property must be equal or lesser value than the current market value of the original home.

 

  • Purchase of the replacement property must take place within two years of the sale of the original property.

 

  • Applications must be filed within 3 years of the replacement home purchase.

 

  • This benefit can only be used one time – if married neither spouse can do again.

 

  • Consult the Orange County Tax Collector’s office for further details.

 

As a licensed California Real Estate Broker serving the greater Orange County area, I would welcome the opportunity to work with you to sell your home and find a replacement home taking advantage of the benefits that Prop 60 provides.

 

If you are simply exploring your possibilities, I invite you to search the Orange County MLS on my website, as well as request a free estimate of your Orange County home’s value. I can be reached any time at 949-500-0484.

 

Posted by

 

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David Grbich | Broker - REALTOR® | 949-500-0484

DRE #01708749

 

 Please visit my website www.FindCARealEstate.com to Search Orange County Homes for Sale

 

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San Juan Capistrano Real Estate | San Juan Capistrano Homes

David Grbich is the Broker Owner of Ventana Coastal Properties, a leading real estate brokerage serving the needs of Orange County buyers and sellers. Orange County real estate experts serving Aliso Viejo, Costa Mesa, Coto De Caza, Dana Point, Huntington Beach, Irvine, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Talega, Tustin and surrounding areas.

 

 CDPE - Orange County Short Sale Agent

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Topic:
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Location:
California Orange County
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orange county prop 60
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Comments 7 New Comment

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Ambassador
779,053
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Prop 60/90 makes turning double nickles seem like a good thing.  Great information David.

February 06, 2013 09:30 PM
Rainmaker
677,996
Jon Kolsky
REALTOR® Long Beach, CA
Kolsky Group/Spellens Realty

David~ I needed this info, perfect timing, thanks for sharing it, and "like mentioned" this seems to be a good deal.

February 06, 2013 09:49 PM
Rainmaker
1,280,214
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

David, Prop 60 sounds like it could enable some homeowners to get into a new home.  Great info to get out to the public.

February 07, 2013 05:23 AM
Rainmaker
232,992
David Grbich
Realtor Orange County Real Estate
Ventana Coastal Properties - www.FindCARealEstate.com

Hi Michael - agree - if you are 55+ with a low tax base on your current home this can be a great option. Regards Dave

 

Hi Debbie - in CA seniors need to look for every option to save money! Regards Dave

 

Hi John - all those nickels add up for qualified seniors. Thanks Dave

 

Hi Jon - it's a great deal depending on the current tax base of a home owner. Regards Dave

 

Hi Joan - this option can easily get overlooked but the savings can be very significant. Regards Dave

February 07, 2013 10:16 AM
Rainmaker
461,064
Harrison K. Long
business, REALTOR , GRI, Broker
Coldwell Banker Previews, Irvine, South OC

David ... This is valuable information for homeowners in California over the age of 55 who want to sell and transfer their property tax basis. 

March 15, 2013 09:38 AM
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David Grbich

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Additional Information

David Grbich is the Broker Owner of Ventana Coastal Properties serving the needs of buyers and sellers in Orange County, CA. David is Ranked #1 Agent in the San Juan Capistrano area per ActiveRain.

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