If you are getting closer to your 55th Birthday and you have a house, your kids are gone and you are thinking: what am I doing with this large house, now that I am all alone. Can I sell it and not pay Capital Gain taxes? can I find a more appropriate house and not pay too much property taxes?

Prop. 60 is a constitutional amendment approved by the voters of California in 1986. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located within the same county, if certain qualifying conditions are met.

Prop. 90 is a constitutional amendment approved by the voters of California in 1988. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located in a different county, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 90. Before attempting to transfer your base year value to another county under the provisions of Prop. 90, you should contact the local county Assessor to discuss eligibility.

There are some solutions. Your Tax adviser will be able to fully answer your questions but we’ll talk about a few solutions at my house next Tuesday 10/28/08 @ 8:00PM.

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