The quick answer to the question of whether you can move your assessed tax Value from your current home to one that you will buy in Ventura County is “it depends”. If you meet the guidelines of Proposition 60-90 below, then, you can transfer your assessed tax Value to your new home in Ventura County.
First let us understand what CA Propositions 60-90 are.
- Propositions 60 and 90 are constitutional amendments passed by California voters that provides property tax relief for persons aged 55 and over. Implemented by section 69.5 of the Revenue and Taxation Code*, it allows these persons, under certain conditions, to transfer a property’s factored base year value from an existing residence to a replacement residence.
- Typically the property tax of a newly purchased or constructed residence is based on its current market value upon change of ownership. However, the provisions of Propositions 60 and 90 may result in substantial tax savings since it allows the adjusted base year value of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.
Guidelines of CA Proposition 60/90
- You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold.
- The replacement property must be your principal residence and must be eligible for the homeowners’ exemption or disabled veterans’ exemption.
- The replacement property must be of equal or lesser “current market value” than the original property. The “equal or lesser” test is applied to the entire replacement property, even if the owner of the original property purchases only a partial interest in the replacement property. Owners of two qualifying original properties may not combine the values of those properties in order to qualify for a Proposition 60 base-year value transfer to a replacement property of greater value than the more valuable of the two original properties.
- The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
- To receive retroactive relief from the date of transfer, you must file your claim within three years following the purchase date or new construction completion date of the replacement property.
- Your original property must have been eligible for the homeowners’ or disabled veterans’ exemption either at the time it was sold or within two years of the purchase or construction of the replacement property.
The CA Counties eligible for Proposition 60/90 are:
- Alameda
- El Dorado
- Los Angeles
- Orange
- Santa Clara
- San Diego
- San Mateo
- Ventura
If you qualify, you may complete the Claim of Person(s) at Least 55 Years of Age for Transfer of Base Year Value to Replacement Dwelling (Prop 60/90) form.
Very important to note………
As a senior citizen, one may transfer his or her base year value only once, with the one exception that if a person first received relief for age and subsequently became severely and permanently disabled after the date of the original claim and had to move because of the disability (Proposition 110), then the base year value may be transferred a second time. The base year value transfer, however, is not available in the reverse situation; if one receives the benefit due to disability, then they cannot subsequently claim the relief for age.
If you are looking to relocate to Ventura County or sell your Ventura County home to relocate to one of the eligilbe counties, I can help you with your home search or selling of your home.