Transfer Real Estate Property For Seniors Calculator
Description
How to fill out Deed Transfer Questionnaire?
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FAQ
Hear this out loud PauseExample: An applicant sells their former residence for $489,000 and purchases their new property for $340,000. The assessed value on their former residence at the time of sale was $261,669. Under the guidelines of Prop. 60/90, we would transfer their assessed value plus 2% ($266,901) to the new residence.
To qualify for the Prop 60 tax base transfer: The claimant or claimant's spouse must be age 55 or older when the original residence is sold. The market value of the replacement residence must be equal or less than the market value of the residence sold.
Hear this out loud PauseHow to Calculate Documentary Transfer Tax. For example, on a property valued at $21,100, the amount of the County's Documentary Tax would be calculated by rounding up the amount to $21,500, dividing $21,500 by $500, and multiplying that number by $0.55 for a total of $23.65.
Hear this out loud PauseHomeowners who are 55+ or severely disabled can transfer the property tax base of their existing home to another home anywhere in California, regardless of price, to be closer to family or medical care, downsize, or move to a home that better meets their needs without a property tax increase (with an adjustment upward ...