That May Benefit You.
Please consult with your accountant, estate planner or any other professional you rely on. This is basic information and subject to change
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The maximum tax on full property value is 1% and a maximum increase per year of 2%
Mostly used in a declining market. You can apply to have your property assessed at a lesser value of the Prop 13 value so you may be able to reduce your tax rate.
No property tax shall be reassessed when parents transfer their principal residence to to their children, and the 1st million of any other property that the parents own. (This all can be done when the parents are alive.)
No property tax reassessment when grandparents transfer a home to a grandchild.
Allows homeowners age 55 and over to carry their current assessed value from selling their primary home to another home within the same county as long as the replacement home is purchased within 12 months and does not exceed 105% of selling price (or up to 110% if purchased in second year.) Be aware: If the replacement property is purchased before selling primary home primary home must sell for equal or more than the price of replacement home.
Allows counties to participate in a reciprocal arrangement to apply prop 60. (11 out of 58 counties in California participate)