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Proposition 60 - Senior Property Tax Q&A:

Q: Is it true that only one claimant, out of several co-owners of a replacement dwelling, must be at least age 55 as of the date of sale of an original property in order to qualify?
A: Yes. Only one claimant/occupant (or his/her spouse who was also an occupant) who was a qualified record owner of the original property must be at least 55 years of age.

Q: Can a taxpayer apply for and receive the benefit of Proposition 60 numerous times during the course of his/her lifetime?
A:  No. Only claimants who have not previously been granted this property benefit are eligible.

Q: If the current full cash value of my replacement dwelling slightly exceeds the “equal or lesser value” test as compared to the full market value of my original property, can I receive partial benefit?
A:  No. Unless the replacement dwelling satisfies the “equal or lesser value” test, no benefit is available.

Q: Can two otherwise qualified taxpayers who have recently sold their separately owned original properties combine their claim for Proposition 60 benefit when they buy a single replacement dwelling together?
A:  No. They can only receive benefits if one or the other, not both, qualifies by comparing his/her original property to the jointly purchased replacement dwelling.

Q: May I give my original property to my son/daughter and still receive the Proposition 60 benefit when I purchase a replacement property?
A:  No. The law provides that an original property must be sold for consideration and subject to reappraisal at full market value at the time of sale. Original property transferred to a child or disposed of by gift or devise does not qualify.

Q: After receiving the notice that my application has been granted, do I still need to pay both installments of the secured tax bill at the higher value?
A:  Yes. All of the reduction in value will be refunded in the form of a negative supplemental. Please be aware that the refund may not arrive before the second installment of the secured tax bill is due. No adjustments are made to the secured tax bill to reflect the Proposition 60 exclusion.

Contact your Local Tax Assessor for more information.

Information deemed reliable but not guaranteed.

Charlie Dunn
Berkshire Hathaway HomeServices California Properties
11306 183rd Street, Cerritos, CA 90703
Direct Line: 562-430-4007
Make Yours a "DunnDeal" 

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