Property tax savings with Prop 60

January 17, 2008 · Leave a Comment

Prop 60

If either spouse is over age 55 (when the old home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value (but see below) within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before ‘taints’ both spouses. For example, you can sell your $1,000,000 San Francisco home [assessed value $80,000] and move to another home or condo in for under $1,000,000 purchase price within San Francisco and your assessed value will remain at the $80,000 assessment level!

In past times, many counties allowed for Prop 60 property tax transfers from one county to another county. However, due to to the scarcity of tax dollars, most counties no longer cooperate with Prop 60 transfers from other counties. San Francisco only allows for Prop 60 transfers for residents within San Francisco county.