| City
of San Jose Proposition 60
Proposition 60 allows homeowners 55
years of age and older to transfer the base year value
of their principal residence to a newly purchased residence
in the same county, providing that certain requirements
are met.
The requirements, in part, for this exclusion
include the following:
• The replacement residence must be purchased
or newly constructed within two years (before or after)
of the sale of the original residence. The purchase
or new construction of the replacement dwelling must
include the purchase of that portion of land on which
the replacement dwelling will be situated.
• The principle claimant or the claimant's spouse
who resides with the claimant must be at least 55 years
of age at the time the original residence was sold.
The claimant must be an owner of record of both the
original and replacement residences.
• The sale of the original residence must qualify
for reassessment under the provisions of California
Revenue and Taxation Code Section 110.1.
• The principle claimant must have been either:
1. Receiving, or eligible for, a Homeowner's
Exemption, or
2. Receiving a Disabled
Veteran's Exemption on the original and replacement
residences.
• The replacement residence must be equal to or
lesser in value than the original residence. "Equal
to or lesser in value" has been defined as: 100
percent of the market value of the original property
as of its date of sale if the replacement dwelling is
purchased before the original property is sold; 105
percent of the market value of the original property
as of its date of sale if the replacement dwelling is
purchased within one year after the original property
is sold; or 110 percent of the market value of the original
property as of its date of sale if the replacement dwelling
is purchased between one and two years after the original
property is sold.
• Special rules apply to multi-unit dwellings
and mobile homes.
• Relief pursuant to Section 69.5 (Proposition
60 and 90) of the Revenue and Taxation Code can be granted
only once, except for certain circumstances regarding
severely and permanently disabled persons as defined
in Revenue and Taxation Code Section 74.3.
Claims must be filed within three years of the date
the replacement residence is purchased or newly constructed.
You must complete a claim form and provide evidence
and/or declare under penalty of perjury that you are
at least 55 years of age.
Application forms may be obtained by contacting
the Real Property Division of the Santa Clara County
Assessor's Office at 408-299-5300.
Contact
us for more info on Santa Clara County Proposition 60
|
|
California
Info
 California
Beaches
CA
Romantic Getaways
CA
Entertainment Capitol
California
High Point
California
Lottery
California
Patriot Day
California
State Bird
California
First Lady
California
Flower
California
State Map
California
State Motto
California
State Song
California
Counties
California
Cities
CA
Santa Cruz Mountains
California
Gaming
California
Indian Casinos
California
Low Point
CA
Million Homes Solar Plan
California
State Animal
California
State Capitol
California
State Flag
California
State Governor
California
State Nickname
California
State Tree
CA
Megan's Law
Feng
Shui and Real Estate
Santa Clara County
Map
of Silicon Valley
Santa
Clara Housing Stats
CA
Homeowners Exemption
CA
Proposition 1
CA
Proposition 3
CA
Proposition 13
CA
Proposition 50
CA
Proposition 58
CA
Proposition 60
CA
Proposition 90
CA
Proposition 110
CA
Proposition 193
Disabled
Veterans
Veterans
Exemption
Sheriff's
Office
Realty
Companies
Santa
Clara County Urban Planning
Santa Clara County Cities
Alviso
Campbell
Cupertino
Gilroy
Los
Altos Hills
Los
Altos
Los
Gatos
Milpitas
Monte
Sereno
Morgan
Hill
Mountain
View
Palo
Alto
San
Jose
Santa
Clara
Saratoga
Sunnyvale
|
San Jose MLS Search