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Transfer your Property Tax Base - Good Information for Seniors downsizing in Santa Cruz County

TRANSFER YOUR PROPERTY TAX BASE - GOOD INFORMATION FOR SENIORS DOWNSIZING IN SANTA CRUZ COUNTY

save moneyAhh Property taxes, twice a year all homeowners get to write a nice check to their local tax assessor's office. In California, property taxes are based on the sales price of your home and cannot go up more than 2% per year thanks to Prop 13 passed in 1978.  This means if you purchased your home in Santa Cruz in 1985 for $150,000 your property taxes are going to be Much Less than someone who purchased a similar home in 2006 for $650,000.

 

 

For seniors and people over 55 looking to downsize in Santa Cruz, transferring your original property tax base to your new home is going to save you A LOT of money.  Proposition 60 allows people over 55 to transfer the assessed value from their original home to their new home.  For example:  You bought your home in 1985 in Santa Cruz County for $150,000.  In 2012 you decide you want to downsize.  You sell your home for $650,000 and buy a small condo for $400,000 in Santa Cruz County.  Since you bought in the same County and a property of lesser value than your original home you are able to keep your assessed property value from your original home and save $$$.

Proposition 60 is great for seniors looking to downsize in Santa Cruz county.  Here are a few quick guidelines to see if you can qualify to transfer your property tax base:

*You must be 55 or older

*Both properties must be Primary Residences

*You must buy and sell in the same County.  Some Counties in California allow you to transfer your tax base from another County but as of now Santa Cruz County does not.

*You must buy a home of equal or lesser value than your original home.  Let's say you sell your home for $600,000, you cannot buy a new home for $800,000 and transfer your property tax base to it.

*The replacement property must be purchased within 2 years of the sale of the original home.

For more information and to see if you qualify to transfer your property tax base contact the Santa Cruz County Assessor's office

If your are thinking about downsizing your Santa Cruz home and would like to know the value of your home and options for buying a smaller home please feel free to contact me at (831) 419-9345 ~ Jessica

 

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Authored by Jessica Wallace, Santa Cruz Realtor

 
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Comment balloon 1 commentJessica Wallace • March 07 2010 01:15PM
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