Proposition 60 and 90 apply to Malibu

by ritasimpson on June 18, 2012

in Community Information

I was holding an Open House in Point Dume, Malibu this weekend when a prospect enamoured with the house I was showing, told me he was  sorry to be stuck in his old house because was afraid he would lose his low tax basis if he sold and bought a new home in Malibu.  I gently reminded him of Proposition 60 and 90.

Retiring in Malibu is a dream and being informed of all the angles in your favor can make it happen, here is the information you need on this matter:

For Buyers over 55 these constitutional tax initiatives allow senior citizens to transfer the trended base value from their current home to a replacement property if certain requirements are met. This may result in substantial tax savings.
Who Qualifies?
If you or your spouse who resides with you is age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property.This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.Read all the details you need here.

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