Prop 60 and 90 are Important to Chula Vista Owners. This November, residents throughout the County of San Diego and California will get a chance to vote on some important tax laws. Massively important to Chula Vista residents who are aged 55 or older or will be someday. Prop 60 will allow qualifying residents to transfer their base-year home value to another property within the county.
Prop 90 allows residents to transfer the value statewide. Thousands upon thousands of older homeowners are wary of selling their home as they are afraid of the new property tax rates. Prop 60 & 90 allows the taxable value of their original home plus 2 % to be transferred to the replacement property. The Chula Vista qualifying home must be owner-occupied and does not need a homeowner’s exemption when it is sold.
A Homeowner may use this exemption only once and must complete purchase of the replacement property within two years of the sale of their qualifying home. It is important to note that purchasing a replacement property with a higher value will not qualify. No partial exclusions are allowed. “Equal or lesser value” is defined as the full market value of the original property and the market value of the replacement property as of the date of purchase. The tax bill on the replacement home will be the current tax bill. The adjustment will be made on the supplemental assessment. Should you be considering downsizing from your current residence, please consult your tax preparer prior to contacting your Realty Executives Dillon real estate professional.