TAX INFORMATION Buyers

Mike Ojeda

Main Street Realtors

Call (562) 243-9311
Fax: 562-719-2239

Email: LongBeachRealtors@Realtor.com

PROPOSITION 90 Allows Senior citizens to Transfer the Tax Base on their existing Primary Residence to a New Property within the Same County or to another County provided the County they are moving to allow the transfer.

The purpose of this Proposition is allow the senior citizen to Downsize their residence without penalty. Example they have a home which because of Proposition 13 there property Taxes are based on a Value of $100,000, but they sell the property for $200,000. They can then purchase a new property for $200,000 or less and there Tax Base would be the same or $100,000.

IN GENERAL THE PROPERTY THEY PURCHASE MUST BE OF EQUAL OR LESS VALUE THAN THE PROPERTY SOLD.

If you qualify to use this Tax Law Provision it can be of great financial benefit.

Mike can assist you in determining if you qualify, and the property you are purchasing qualifies.