February 05, 2010
California Proposition 90 and Proposition 60
This is a constitutional initiative passed by California voters that allows proposition 60 to be modified by local government ordinance(s). Prop 60 provides property tax relief by preventing property reassessment when a homeowner/citizen is 55 years and sells their owner occupied residence and buys or constructs a replacement home worth the same or less than the home they sell. This applies when the replacement property is in the same county.
Proposition 90 allows those sellers that meet the criteria to transfer the current assessed base year value of their home located in one (8) participating California counties. Those counties are Alameda, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, Ventura and now El Dorado. El Dorado County had just passed the PROP90 ordinance as well and will begin to accept transfers starting February 15, 2010. For more information, please click here.
Posted by:
Kay Korbel
Tagged With:
california voters,
el dorado,
los angeles,
orange,
proposition 60,
proposition 90,
san diego,
san mateo,
santa clara
and ventura
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