Home Buying in San Diego>Question Details

Art, Home Seller in San Diego, CA

One time tax credit at age 55 selling primary residence?

Asked by Art, San Diego, CA Mon Sep 1, 2008

I turn 55 in Jan 08 - I want to downsize my present home. My mortgage balance is 470,000, and my property taxes are based on my 1994 purchase price of 232,000. ( presently paying 3800 annually in property taxes and related bond fees etc appx 1.6% ) I am looking to purchase a new home for 650,000. If I put a 270,000 down payment, leaving a 380,000 mortgage balance on the new home, what will my new property taxes be based on? Is it the one time tax break which means my new property taxes will be based on the same 232,000 for my original home. Will it be 1% of the assessed value, or will it be 1% plus the appx .06% for related bonds etc?

Also, the new home has Mella Roos taxes. How will my percentage be factored for the new home? Will it be based on my original home tax assestment?

Thanks,

Art

Help the community by answering this question:

Answers

2
Art,
Here is some additional information on prop 60 regarding increases for inflation. You can get a 5% or 10% increase with certain time limits. There is a prop 60 specialist on Greg Smith's staff at the San Diego County Recorder/Assesors office. Call 619.531.5507 and ask to be put through to that person. You should also see information about prop 90 if you are considering buying a replacement home in another county or transferring from another county to San Diego. See link below.
http://www.wwlaw.com/prop60.htm
0 votes Thank Flag Link Mon Sep 1, 2008
Art,
Citizens 55 years of age or older can sell their existing home and buy a residence of equal or lesser value and transfer the current taxable value to their new property. This provides property tax relief for seniors by preventing a tax increase if they sell an existing home in California and buy another. You did not mention the value of your current home but you may be able to purchase that new home at $650,000 and transfer your tax base if the value of your current home is $650,000 or higher.
I hope that you found this information helpful. If you would like to know more about how California Propostions 60 and 90 may benefit you, please feel free to contact me.
Woody Henderson
Seniors Real Estate Specialist, SRES
(619) 850-5432
0 votes Thank Flag Link Mon Sep 1, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer