In most cases, 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.
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.
This is a one-time only benefit. Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
For further information, check out: prop6090
Anthony Papillo is a licensed California Attorney and Real Estate Broker specializing in residential
and commercial real estate sales in Los Angeles. He utilizes his experience as a litigator, consumer
advocate, and realtor to protect his clients and promote their interests.
Anthony F. Papillo, Esq.
Call Anthony Papillo, Realtor and Attorney, for confidential consultation.
Direct: 310.497.4117
apapillo@coldwellbanker.com
AnthonyPapillo.com