Prop 60 and Prop 90

One of the most frequent questions that an empty nester asks when they make the attempt to down size is the issue of property taxes. Typically, the empty nesters will have lived in their current home for many years and have a very low tax base. When they are ready to downsize, their primary concern is the prospect of a significant increase in their property taxes for a smaller home than the one they are selling. This can be particularly troublesome in fixed income situations.

But not to fear. California, being one of the most expensive places in the nation, had passed certain legislations which will protect folks over 55 and give them a one-time opportunity to take their tax base with them.

Continued......

Steve Mun, Silicon Valley Realtor
http://www.stevemun.com/