State law provides property tax savings for those 55 years or older who sell their home and purchase another one of equal or lesser value. Additionally, there are State sponsored property tax relief programs available to help senior citizens on limited income, legally blind and disabled.
• Proposition 60/90 Reappraisal Exclusion for Seniors
This is a property tax savings program for those aged 55 or older who are selling their home and buying another of equal or lesser value. Under Proposition 13, a home is normally appraised at its full market value at the time it is purchased. This program allows the taxable value on the original home to be transferred to the replacement home thereby preventing an increase in property tax.
• Proposition 19 Reappraisal Exclusion for Seniors
This is a property tax savings program for those aged 55 or older who are selling their home and buying another home. Under Proposition 13, a home is normally appraised at its full market value at the time it is purchased. This program allows the taxable value on the original home to be transferred to the replacement home thereby preventing an increase in property tax.
The State Controller’s Property Tax Postponement Program allows
homeowners who are seniors, are blind, or have a disability to defer
current-year property taxes on their principal residence if they meet
certain criteria, including at least 40 percent equity in the home and
an annual household income of $49,017 or less (among other
requirements). The deferment of property taxes is secured by a lien
against the property which must eventually be repaid.
How do I qualify for this program?
To be eligible for Property Tax Postponement Program, you must:
More details are available on the State Controller's website.
For questions on how to apply please contact the State Controller's
Office at (800) 952-5661 or postponement@sco.ca.gov
In order to apply, you must complete and submit the necessary application form within three years of the date you buy your replacement property.