Prop 60: Don't Let Your Prop 13 Dreams Turn 60 and Retire!
Ah, California. Land of sunshine, beaches, and...property taxes that can make your bank account weep. But fear not, weary homeowner! There's a little ray of sunshine called Proposition 60, designed to help seniors like yourself (or maybe your cool aunt Mildred) hold onto those sweet Prop 13 savings. But what exactly is Prop 60, and is it too good to be true? Let's break it down, folks, with less jargon and more "Golden Girl" wisdom.
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| How Does Prop 60 Work In California |
So, You're Saying I Can Keep My Prop 13 Love Affair Going?
Bingo! Prop 60 lets you, a sprightly soul over 55, transfer the assessed value of your current digs (think: that amazing tax rate you've been rocking) to a brand new (or newer) place. It's like taking your comfy Prop 13 pajamas and rocking them in a stylish retirement condo – tax savings in tow!
Hold on a sec, there are a few catches (don't worry, they're not dealbreakers):
QuickTip: Pause before scrolling further.
- New digs, new county? Not so fast! Prop 60 only works for moves within the same county. So, if you're dreaming of a beachfront condo in Malibu after selling your Fresno ranch, this perk won't follow you there.
- Don't dilly dally! You gotta find your new happy place and close the deal within two years of selling your old one.
- Size matters (but not that way). The new place can't be a total mansion – its value needs to be equal to or less than your old one. Think "rightsizing," not "supersizing."
But Wait, There's More!
Prop 60 is like that amazing friend who always has your back. Here's the cherry on top:
- Married couples? Only one of you needs to be over 55. So, if you're a youthful 52 and your spouse qualifies, you're good to go!
- Thinking of downsizing? Prop 60 loves that! It's all about keeping those property taxes manageable.
Alright, alright, I'm convinced. But how do I actually use this magical Prop 60?
Tip: Reading carefully reduces re-reading.
Don't worry, sunshine! This isn't rocket science. Here's a quick FAQ to get you started:
How to Qualify for Prop 60?
Tip: Don’t rush — enjoy the read.
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- Be over 55 (or married to someone who is).
- Be selling your principal residence.
How to Find a Replacement Dwelling?
- Look within your county and find a place you love (and that fits the value guidelines).
How Long Do I Have to Find a New Place?
Tip: Stop when you find something useful.
- Two years from selling your current home.
How Do I Claim Prop 60?
- Contact your county assessor's office – they'll walk you through the process.
How Much Does Prop 60 Cost?
- There's no upfront cost, but there may be filing fees associated with the transfer.
Prop 60: It's not a magic bullet, but it's a pretty darn good tool to keep those property taxes from raining on your California dream. So, talk to your accountant, find your perfect new nest, and get ready to enjoy retirement with a little more financial peace of mind. Now, go forth and conquer that real estate market!
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