Thousand Oaks Real Estate Information

Find the latest home sales listings in Ventura County. Search open houses, find new listings, and discover Ventura County's communities.

  • Home
  • About
    • About Chris McCloud
    • Contact Chris
    • About RE/MAX
    • Link To Me
    • Testimonials
  • Buying
    • Buying Advice
    • Mortgage and Interest Rate Calculator
    • Relocating
    • Credit Reports
    • Local Lenders
    • New Construction
    • Golf Courses
    • School Information
  • Selling
    • Selling Your Home
    • Community Links
    • Advice
    • Prop 60/90
    • Relocating
    • Short Sales
  • MLS Home Search
    • All Ventura County Home Search
    • 750,000 and Less – Conejo Valley Homes
    • 750,000 and Over – Conejo Valley Homes
    • Ventura and Los Angeles County Foreclosures
    • All Conejo Valley Condos
  • Our Communities
    • Thousand Oaks
    • Westlake Village
    • Newbury Park
    • Agoura Hills
    • Simi Valley
    • Moorpark
    • Camarillo
    • Calabasas
    • Ventura
You are here: Home / Prop 60/90

Prop 60/90

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.

Only certain counties have adopted Proposition 90. They currently are: Alameda, Kern, Los Angeles, Modoc, Orange, San Diego, Santa Clara, San Mateo, and Ventura. It is IMPERATIVE that you verify with the individual county that they are still accepting Prop. 90 transfers. (Caution this can change at any time)

  • The seller of the original residence, or a spouse residing with the seller, must be at least 55 years of age, as of the date that the original property is transferred.
  • The replacement property must be of equal of lesser “current market value” than the original.
  • The base year value of the original property cannot be transferred to the replacement dwelling until the original property is sold.
  • The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property.
  • The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.
  • This is a one-time only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.
  • Proposition 60/90 relief includes, but is not limited to: single family residences, condominiums, units in planned unit developments, cooperative housing corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owners´ living premises which are a portion of a larger structure.
  • The taxpayer is not eligible for the tax relief until they actually own AND occupy the replacement dwelling as their principle residence.

The County Assessor will require a copy of the tax bill from the other county and a copy of the applicant´s birth certificate to be included with the application. Also include a copy of the grant deed from the new purchase and a copy of the closing statements for both the sale and the purchase. In most instances, if more than one owner of an original property is eligible for Proposition 60/90, they must choose among themselves which one will use the benefits.nI hope this helps if you have any further questions please let me know.

Share this:

  • Facebook
  • LinkedIn
  • Twitter
  • Google

Get In Touch

Chris McCloud
805-402-0801
chrismccloudremax@icloud.com
chrismccloud@remax.net

Search for Homes

Ventura County Advanced Search

Find Chris on Twitter:

Tweets by @chrismccloudre
RE/MAX Olson & Associates
30699 Russell Ranch Rd.
Suite #100
Westlake Village, CA 91362 REMax Collection

I live and work in Thousand Oaks as a full time Realtor and I have been selling Real Estate in Thousand Oaks for twenty five years.

My promise to you is always one-on-one service. Read More…

  • Email
  • Facebook
  • Twitter
  • YouTube

Client Testimonials

Chris is the greatest! He helped us get our first home and it was a very smooth experience!

John Vasquez
Thousand Oaks
https://youtu.be/z6rSWKqNkow

Copyright © 2018 · Thousand Oaks Information/Thousand Oaks Real Estate - Chris McCloud