Part of an occasional series of posts with information from the San Francisco Office of the Assessor-Recorder.
From the Office of Assessor Carmen Chu: Tax Savings for Seniors
Many seniors may consider moving to a smaller and more convenient property to live as they grow older. However, buying a new house means they need to pay property taxes at the market value of the new property, which may be much higher than their current assessment (due to inflation cap under Prop 13). Good news is California tax laws allow senior owns to transfer their assessed value.
Prop 60 is a constitutional amendment passed by California voters in 1986 that allows owners who are 55 years old or older to transfer the assessed value of their existing home (original property) to their new home (replacement property) if both properties are located in the same county.
For seniors who are interested in moving to another county, please check with the local County Assessor where your new property will be located to see if they accept assessment transfer from another county, also known as Prop 90. Continue reading “SF Assessor: Tax Savings for Seniors”