What are propositions 60, 90 and 110?
Propositions 60, 90, and 110 are constitutional amendments approved by California voters. They provide for the transfer of the base year value of a property’s from an existing residence to a replacement residence, under certain conditions, for qualified persons over the age of 55 or persons of any age who are severely permanently disabled.
What are the conditions that need to be met in order to qualify for the exclusion?
I think that the sale of my residence may qualify for this benefit. How do i apply?
You must file a claim with the assessor, who will determine if the transaction qualifies. Claim forms should be obtained from the assessor’s office in the county where the replacement property is located.
How do I determine if the replacement property is of “equal or lesser value” than the original?
This depends upon the timing of the purchase or completion of construction of the replacement property. In general, “equal or lesser value” means the fair market value of the replacement property does not exceed one of the following:
100% of the market value of the original property, if the replacement property is purchased or newly constructed before the original property is sold.
105% of the market value of the original property, if the replacement property is purchased or newly constructed within the 1st year after the original property sold.
110% of the market value of the original property, if the replacement property is purchased or newly constructed within the 2nd year after the original property sold.
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