PROPOSITION 60:

Proposition 60 allows Senior Citizens aged 55 and older to buy a residence of equal or lesser value than their exisiting home and transfer the current taxable value to their new property. This provides property tax relief for the seniors citizens by preventing a tax increase if they sell an existing home in Orange County and buy another. This is a one time program ( exception..see proposition 110) and you must buy and sell within two years. The properties must also be the principal place of residence. Finally, you must file the necessary application with the Tax Assessor. Call Toni Thomas at 949-451-1352 for further details SRES AND ALWAYS check with your tax attorney or accountant regarding your individual situation!

PROPOSITION 60:

A one-time provision that allows a homeowner 55 years of age or older, who meet other filing requirements, to transfer the base-year value of his/her primary residence to a replacement property in a different county within California. The county Board of Suypervisors where the replacement property is purchased must have enacted a proposition 90 ordinance to allow the transfer of base-year value to that county. The replacement residence must be of equal or lesser value than the original residence..Call Toni Thomas 949-451-1352 for further details and ALWAYS check with your tax attorney or accountant for your individual situation!

As of November 26, 2005, the following are the counties in California that have approved Propositions 60 and 90. Alameda

• Orange
• Kern
• Monterey
• San Mateo
• Modoc
• Los Angeles
• Santa Clara
• Ventura