• Home
  • Homes for Sale
    • Brookside Village Condos
    • All Redondo Beach
    • Redondo Beach Condos
  • FREE Listing Alerts
  • What is Your Home Worth?
  • About
    • Welcome to Brookside Village
    • Recent Sales
    • Redondo Beach Real Estate
    • About Keith Kyle
    • Contact Us
    • Brookside Photo Gallery
    • Map of Brookside Village
    • What’s Nearby? King Harbor and the Redondo Beach Pier
    • FAQ
  • Real Estate News

Brookside Village Condos For Sale in South Redondo

Real Estate in South Redondo's most affordable community

Think You Can’t Downsize Because Your Property Taxes Would Go Up?

November 8, 2018 by admin Leave a Comment

If you think you can’t sell your Old Torrance home and buy something elsewhere due to your property taxes going up, we have information that might really help.

California Propositions 60 and 90

PROPOSITIONS 60 and 90 are Constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. They were enacted to encourage a person, age 55 or older to “move down” to a smaller residence. When a senior citizen acquires a replacement property worth less than the original property, he/she will continue to pay approximately the same amount of annual property taxes as before.

Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance.

How Do These Propositions Work?

If he/she qualifies, when the senior citizen purchases or constructs a new residence, it is not reassessed. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originallyrequired that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Los Angeles County enacted an ordinance to provide that when the replacement is located in Los Angeles County, the original property may be located in any other California county.

Who Qualifies?

The seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale.

When Are These Propositions Effective?

The replacement residence must have been purchased or constructed on or after November 5, 1986 if the original was located in Los Angeles County. The replacement residence must have been purchased or constructed on or after November 9, 1988 if the ongmal was located in any other California county. Claims must be filed within three years following the purchase of the replacement residence.

Were Are Claim Forms Available?

Forms are distributed at Assessor’s public counters, in Room 225 of the Kenneth Hahn Hall of Administration, and in district offices. If you need additional information, call (213) 893-1239. The forms may also be available online at the various county assessors websites.

Counties Accepting Prop 90 Transfers:

As of November 7, 2018, the following ten counties in California have an ordinance enabling the intercounty base year value transfer:

Alameda
Los Angeles
Orange
Riverside
San Bernardino
San Diego
San Mateo
Santa Clara
Tuolumne
Ventura

Filed Under: Uncategorized

Leave a Reply Cancel reply

You must be logged in to post a comment.

Your Brookside Village Specialist

Keith Kyle

Top Producing Realtor DRE# 01712785

310-251-2344 cell/text Keith@KeithKyleHomes.com

Video Tour of Redondo Beach

https://www.youtube.com/watch?v=RRMOVKZqvHQ&t=10s

Recent Posts

  • See the Most Recent Sales and Pending Escrows in Brookside Village
  • Top Floor One Bedroom at 830 Camino Real #203 For Sale
  • 19 Condos Sold in Brookside Village in 2022 – Take a Look

All information deemed reliable but not guranteed and should be independently verified. The listings that appear on this site may be represented by other realtors.