TRANSFERRING YOUR PROPERTY TAX RATE UNDER Proposition 90
Courtesy of Dan & Patty McInnes
CONSULT YOUR TAX ADVISOR FOR ANY SPECIFIC TAX ADVICE AND
FOR DETAILS ON EACH OF THESE ISSUES AS IT EFFECTS YOUR SITUATION.
TRANSFERRING YOUR PROPERTY TAX RATE UNDER Proposition 90
Courtesy of Dan & Patty McInnes
CONSULT YOUR TAX ADVISOR FOR ANY
SPECIFIC TAX ADVICE AND
FOR DETAILS ON EACH OF THESE ISSUES AS IT EFFECTS YOUR SITUATION.
Cooperating Counties: You can transfer your property tax base between 10 different counties in California. As of May 2001, these ten cooperative counties under Prop 90 as follows: Ventura, Los Angeles, Orange, Kern, San Diego, Alameda, Modoc, Monterey, San Mateo & Santa Clara. Call the Ventura County Assessors Office at 805-654-2181 for forms and the latest requirements. We recommend that you consult your tax advisor before making any decisions on transferring your tax base or any other tax related issues. Each persons situation is different and should be evaluated carefully so that the full implications are understood. The following is reprinted from the publication from the Ventura County Tax Assessors office dated June 2000 and is offered as a reference article. Again, call the Ventura County Assessors office to receive forms and more detailed information.
INFORMATION REGARDING PROPOSITIONS 60 AND 90 PROPERTY TAX RELIEF
1) The principle claimant must have been at least 55 years of age at the time the original property was sold and an owner of the record of the original property and replacement dwelling. None of the claimant(s) on the replacement dwelling can have previously been granted relief under California Revenue and Taxation Code Section 69.5.
2) Claims must be filed within three years of the date the replacement dwelling is purchased or newly constructed.
3) The replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property. The purchase or new construction of the replacement dwelling must include the purchase of that portion of land on which the replacement structure will be situated. Under Proposition 90, the replacement dwelling must be purchased or newly constructed in Ventura County on or after May 4, 1992.
4) Special rules apply to multi-unit dwellings. Each unit shall be considered a separate dwelling, either original or replacement, or both.
5) The sale of the original residence must qualify for reassessment under the provisions of California Revenue and Taxation Code Sections 110.1 or 5803, or result in a base year value determined because the property qualifies as a replacement dwelling or property.
6) The principal claimant must have been (1) receiving or eligible for a homeowners' exemption, or, (2) have been receiving a disabled veterans' exemption on the original property and replacement dwelling.
7) The replacement dwelling must be equal to or lesser in value than the original property. "Equal or lesser value" of a replacement dwelling has been defined as: 100% of market value of the original property as of its date of sale if a replacement dwelling is purchased before an original property is sold; 105% of market value of original property as of its date of sale if a replacement dwelling is purchased within one year after the sale of an original property; 110% of market value of the original property as of its sale date if a replacement dwelling is purchased within the second year after the sale of the original property.
8) If you feel you qualify for this exclusion, you must provide evidence that you are at least 55 years old, and/or declare under penalty of perjury that you are at least 55 years old, and complete the claim form. Any additional record owners who occupy the replacement dwelling as their principle place of residence must also complete the form.
9) The claimant or spouse may only receive the benefit of this tax relief program once.
10) If the original or replacement residence is a mobile home, it must be assessed on the local assessment roll to be eligible for this exclusion. It cannot be licensed by Housing and Community Development (HCD). If you require further information or have any questions concerning this form, please call the Assessor's Office at (805) 654-2176.
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Dan
and Patty McInnes Scott-McInnes & Company, Realtors 3600S. Harbor Blvd., #129 Oxnard, CA 93035 TOLL FREE - 1(800) 985-VIEW (805) 985-4949 Fax (805) 985-9552 |
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