Extend Age Deed For Free

In order to qualify, an owner of the property must be severely and permanently disabled. Effective April 1, 2021, Propositions 60, 90 and 110 will be superseded by Proposition 19, passed by voters in the November 2020 election.

Completion of new construction or a change in ownership (?CIO?) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.

Proposition 58 allow the new property owners to avoid property tax increases when acquiring property from their parents or children. The new owner's taxes are calculated on the established Proposition 13 factored base year value, instead of the current market value when the property is acquired.

Proposition 19 allows eligible homeowners to transfer the taxable value of their existing home to their new replacement home of any value (subject to conditions), anywhere within the state, up to three times (rather than once as provided under Proposition 60). Owner must be at least 55 years of age.

? Propositions 60/90: Under certain conditions, persons aged 55 and older may transfer the Prop 13 base year value of their principal residence to a replacement residence. This is a one-time-only benefit, with one exception as noted below. (Proposition 60/90, Revenue and Taxation Code 69.5).

The new law will make important changes to two existing statewide property tax saving programs: Replace Proposition 58(1986) and Proposition 193(1996) by limiting parent-and-child transfer and grandparent-to-grandchild transfer exclusions (see current Prop.

(A child can also transfer property to a parent using these exclusions.) A parent can transfer his or her primary residence to a child or children without reassessment. There is no limit on the value of the home that can be transferred. The children can live in the home, use it as a vacation home, or rent it.