Transfer of Assessed Value to Taxpayers 55 and Older for New Residence Purchases in Ventura County
/
There are two California propositions that allow exclusions from reappraisal when selling your property in Ventura County if you are age 55 or older at the time of sale.
Proposition 60 allows transfers of base year values within the same county. Proposition 90 allows transfers from one county to another county in California (inter-county). Not all counties in California have inter-county policies; Ventura County does.
Prop 60 allows taxpayers ages 55 and older to sell their personal residence and buy a new one of equal or lesser value to transfer the "assessed" value of the former home to the new home. This can save you significantly in property taxes if the assessed value of your former home is significantly less than the current market value (as a result of Prop 13 limitations).
If you qualify, you must 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 available on the Ventura County Assessor website at assessor.countyofventura.org/taxsavings/seniors.asp.
Here is a variety of additional details and limitations:
- Either you, or your spouse (if married) has to be 55 or older at the time of sale. It does not have to be both of you.
- Both properties must be your personal residence (e.g. not a rental property).
- This is a one time tax benefit, even if you divorce or a spouse dies. (Except if one of you subsequently becomes severely or permanently disabled, in which case if you move again you can file for relief again under Prop 110.)
- The new home or property must be purchased within 2 years of selling the old home.
More details at www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm.
