Re: Prop 13 Tax Transfer

Bob Oaks wrote:

> As I understand it, I can sell my house and buy another in
> the same county (and in some cases other counties) and take
> my lower property tax with me. The restriction is that the
> new house has to cost less than the sale of the old house
> (principal residences in both cases).  However, what if I
> sell my house and buy two flats, using one of them as
> principal residence and renting the other?  If the two flats
> cost more than the sale of my old house, is there any way to
> transfer all or part of my old tax basis?

No.  It is principal residence to principal residence. It's
for those age 55 or greater. There's a two year window. Prop
60 and 90 are the two propositions that created the ability
to transfer the assessment.  Last time I looked the
following counties allowed inter-county transfers with each
other: Alameda, Orange, Kern, Monterey, San Diego, San
Mateo, Modoc, Los Angeles, Santa Clara, Ventura. Go to the
assessor's website for any of those counties and you can
find information and forms on Prop 60 and 90.

--

Alan
http://taxtopics.net

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