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.
This is a one-time only benefit. 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.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
1. The replacement property must be your principal residence and must be eligible for the Homeowners’ Exemption or Disabled Veterans’ Exemption.
2. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
3. Your original property must have been eligible for the Homeowners’ or Disabled Veterans’ Exemption.
For more details contact the LA County Tax Assessor’s Office at 1(888)807-2111 or visit: http://assessor.lacounty.gov/extranet/guides/prop6090.aspx