Premier Willow Glen Home on one of the most sought after streetsRead More
Do you think about downsizing but fear that you would not be able to afford the property taxes on a new purchase? Did you know that there is a current tax rule that makes it possible to transfer your current tax base value into your replacement home if you meet the criteria?
Proposition 60 allows some California property owners who are at least 55 years of age to transfer the base year value of their principal residence sold to their new principal residence, within Santa Clara County. Proposition 90 allows this transfer among other participating counties.
The detailed requirements for the Prop 60 exclusion include, but are not limited to*:
- The principal claimant or the claimant's spouse who resides with the claimant must be at least 55 years of age at the time the original residence is sold. The claimant must be an owner on record of both the original and replacement residences.
- The replacement residence must be equal to or lesser in value than the original residence. "Equal to or lesser in value" has been defined as: 100 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased before the original property is sold; 105 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased within one year after the original property is sold; or 110 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased between one and two years after the original property is sold.
- The replacement residence must be purchased or newly constructed within two years either before or after the sale of the original residence. The purchase or new construction of the replacement dwelling must include the purchase of that portion of land on which the replacement dwelling will be situated.
- The sale of the original residence must qualify for reassessment under the provisions of California Revenue and Taxation Code Section 110.1
- The principal claimant must have ONE of the following:
- Received, or was eligible for, a Homeowner's Exemption
- Received a Disabled Veteran's Exemption on both the original and replacement residences
- Relief pursuant to Section 69.5 (Proposition 60 and 90) of the Revenue and Taxation Code can be granted only once, except for certain circumstances regarding severely and permanently disabled persons as defined in Revenue and Taxation Code Section 74.3.
- Claims must be filed within three years from the date the replacement residence is purchased or newly constructed to receive full relief. Claims filed after the three year time period will receive Prospective Relief only. You must complete the claim form and provide evidence and/or declare under penalty of perjury that you are at least 55 years of age.
- Special rules apply to multi-unit dwellings and mobile homes. Please contact our office at 408-299-5300.
I am not a Tax Advisor – For More Information Please Contact the Santa Clara County Tax Assessors Office at 408-299-5300 Please also consult with your personal tax advisor.
*This information was taken from the Office of the Assessor of Santa Clara County
Beautiful renovation was completed in 2015 with permits! Updates include: new roof, new electrical, updated plumbing, new windows, new paint, all new kitchens and bathrooms and refinished hardwood floors.
This is an excellent investment opportunity as the property maintenance is incredibly low, and the rents are high. Fully occupied by young professionals.
Offered at $1,799,000
Contact Lynsie to review the financial reports.
View more photos here: http://581s8thst.cbrb.com