QandA

This is the page where I feature questions and answers from subscribers.

Q> My parents are retired and are considering selling their home and scaling down. They have been in their home for 40+ years, and it’s paid off; so they love the low property tax they pay, and don’t want to lose it. What options do they have?

A> That’s a very common concern nowadays, and an important consideration for everyone and can save your parents thousands of dollars every year. In the state of California, if you’re over the age of 55 you can sell your primary residence and transfer your current tax base to a new home, as long as the new property is of equal or LESSER value than the property you have sold; Proposition(s) 60 & 90 make this possible. This is a ONE TIME benefit; so individuals cannot do this multiple times. The allowance can apply to properties over eight different counties in the state. All of the details are outlined at: http://assessor.lacounty.gov/extranet/guides/prop6090.aspx

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