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California Property Tax Transfer
Posted by Leslie Eskildsen on Wednesday, August 5th, 2009 at 9:22pm.California home owners over age 55 can take advantage of the Proposition 60 or Proposition 90 provision to transfer their property tax basis. Here are the basics:
- At least one of the home owners must be 55 or over
- Must be selling and buying a home within the same county or moving to a participating county
- Must be buying a home of equal of lesser value than the California home you are selling
- One time only transfer
- Must be transferring to your primary residence
- Must set up before closing escrow on the purchase of the new home
- Can extend time from sale to purchase up to one year
These links will take you to the State Web Sites that will give you the detailed informtion:
CALIFORNIA STATE BOARD OF EQUALIZATION
I advise you to consult with your accountant, tax advisor, financial advisor and other professionals with regard to your particular situation.
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