August 5, 2013 By
According to the Desert Sun, “If they (home buyers who are 55+ years old) buy a home here, the revived rule allows them to transfer their old home’s assessed value to their new residence, a move that saves them on property taxes.” The incentive should lure retirees into the area, but would actually add more dollars into the communities and county with the money they spend as the become more a part of the area.
Supervisor Jeff Stone commented that Prop. 90 would boost home sales, thus increasing property taxes and support employment in Riverside County.
The Riverside County Property Tax Portal details what is the requirements of Prop. 60 in Riverside County, “The provisions of Revenue and Taxation Code Section 69.5 (Proposition 60) allow taxpayers at least 55 years of age to purchase a new residence of equal or lesser value than their former residence in Riverside County and transfer the assessed value (not taxes) of their former residence to the new residence.” Prop. 90 goes one step further and allows the transfer between COUNTIES.
You may also contact the Riverside Assessor by clicking here.
Not sure if you qualify or how to do it? No worries! I’m here to help!! Contact me today and I will show you how you can buy or sell your home in the Desert!!