Low Property Tax LOCK for Seniors – Question

[23109VC]

Quick question. I know that people over 55 can sell their primary residence, and then buy another property of similar value – and KEEP their original property tax rate. My parents bought their home 20-somemthing years ago and have a tax payment based on the original purchase price. if they moved ANYWHERE, and paid the new tax rate, it would be foolish as their taxes are so so so low.

I have read that some counties will let you do this and MOVE to another county.

Does anyone know if my parents would be able to sell their san diego county home, and then buy a home in Riverside county – and keep their low tax rate – or do they HAVE to stay WITHIN San Diego county to take advantage of this?

[murray]

Also – Is the lowered tax rate on the full price of the new similar property? (What a deal!)

[Anonymous]

You are most likely referring to Prop 60 – if I remember properly not all counties participate, but many do. This gives you flexibility in moving from one participating county to another and carrying your tax base with you.

see the attached link for more info:

http://www.sdcounty.ca.gov/arcc/services/reapp_ex_prog.html

make sure you do your homework before executing your sale and purchase to ensure that the relief will be available.

[Author]

Posts