Question:
“I heard that if you’re over 55 and sell your home, you can keep your low Proposition 13 tax base. Do you have to stay in San Diego County to do that?”
Answer:
(I’ve addressed this before, but so many seniors are unfamiliar with it, I’m happy to go over it again…)
Many seniors say they could never sell and buy another home because they’d lose their low property taxes. As you point out, this is NOT necessarily true.
Under Proposition 60, you can sell your home and buy another within San Diego County and keep your low taxes if your next home meets this price rule:
If you buy the new home BEFORE you sell, you cannot exceed 100% of your old home. If you wait 1 to 365 days, you can go 5% higher. If you wait 366 to 730 days, you can go 10% higher.
Proposition 90 expanded the law to “reciprocating” California counties, which include Alameda, El Dorado, Los Angeles, Orange, San Mateo, Santa Clara, Ventura, and (newly added) Riverside.
