Ruth Mills Team
San Diego Realtor
Welcome to the Ruth Mills Team website FAQ section, where we try to answer some of the questions most asked by our clients. If the information to the right does not provide a satisfactory answer to your question,
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More Frequently Asked Questions
Real Estate 101
Can I transfer my tax base from one house to another?
Both prop 60 and 90 offer tax relief to people aged 55 or older by exempting them from reassessment when an existing residence is sold and a replacement residence is purchased at an equal or lesser price than the original. Ordinarily, when the ownership of California real property changes, the property is reassessed at its current fair market value and the new owner pays property tax based on the reassessment which is usually just what it sold for times 1.25%. Proposition 60 created an exemption by providing that the taxpayer who is 55 years of age or older may transfer the Proposition 13 base year assessment of his/her principal residence to any replacement dwelling of equal or lesser value* within the same county. If eligible, the homeowner will pay property tax on the replacement home based on the same assessment value of the former home. Proposition 90 enables such taxpayers, in certain circumstances, to transfer their base year value to a replacement dwelling in another county.
This information is provided as a service. As every situation varies, it is strongly advised to seek counsel from independent tax advisors, tax attorneys, and/or CPAs.