"D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
- quote -

You are referring to Prop 60 and Prop 90. Prop 60 allows for
an intra-county transfer for senior citizens and certain
disabled persons. Several additional criteria must be met,
including limitations on the value of the properties.

Prop 90 is a similar provision for inter-county transfer,
but unlike Prop 60 is limited to counties who participapte
in the program.

Parent-child transfers are generally not subject to Prop 13
reassessment under section 62(a)(2) of the California
Revenue and Taxation Code.

Regarding the acquisition of multiple units, one of them
must be the new principle residence. An individual who sells
a single family property occupied as his/her principal
residence may purchase a duplex as a replacement dwelling
and have the base year value of the former transferred to
his/her portion of the duplex.

In determining whether or not the base year value may be
transferred, all of the requirements of R&TC section 69.5
must be satisfied. The value equivalency requirement is
satisfied if the value of the portion of the duplex occupied
as a principal residence is equal to or less than the value
of the original residence. The remainder of the duplex would
be appraised at its full cash value as of the date it sold,
and that value would become the new base year value for that
portion of the duplex.

Timothy E Kelly, Esq.
Certified Specialist, Taxation Law
State Bar of California
Board of Legal Specialization

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Bob Oaks wrote:

- quote -

No. It is principal residence to principal residence. It's
for those age 55 or greater. There's a two year window. Prop
60 and 90 are the two propositions that created the ability
to transfer the assessment. Last time I looked the
following counties allowed inter-county transfers with each
other: Alameda, Orange, Kern, Monterey, San Diego, San
Mateo, Modoc, Los Angeles, Santa Clara, Ventura. Go to the
assessor's website for any of those counties and you can
find information and forms on Prop 60 and 90.

--

Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Bob Oaks wrote:

- quote -

No. It is principal residence to principal residence. It's
for those age 55 or greater. There's a two year window. Prop
60 and 90 are the two propositions that created the ability
to transfer the assessment. Last time I looked the
following counties allowed inter-county transfers with each
other: Alameda, Orange, Kern, Monterey, San Diego, San
Mateo, Modoc, Los Angeles, Santa Clara, Ventura. Go to the
assessor's website for any of those counties and you can
find information and forms on Prop 60 and 90.

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Bob Oaks wrote:

- quote -

By saying "Prop 13," I assume that you are in California.

- quote -

"Prop 58" was the parent-child transfer, "218"(?) the grandparent-grandchild
one, etc.). Also, I do recall that there is a provision for property tax
purposes for involuntary conversions.

The CA R&TC (without legislative history) is on-line for viewing:

http://www.leginfo.ca.gov/.html/rtc_..._contents.html

Property taxes are first up in the TOC.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Bob Oaks wrote:

- quote -

being over 55, exceptions for disabled, ... A Google search
quickly finds details.

- quote -

Clara County assessor has, I believe (weasel words), changed his
mind on deals that were agreed to up to three years earlier (at
least those paying the taxes thought they had agreement).

dick w

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

As I understand it, I can sell my house and buy another in
the same county (and in some cases other counties) and take
my lower property tax with me. The restriction is that the
new house has to cost less than the sale of the old house
(principal residences in both cases). However, what if I
sell my house and buy two flats, using one of them as
principal residence and renting the other? If the two flats
cost more than the sale of my old house, is there any way to
transfer all or part of my old tax basis?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->