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California law provides a one time property
tax relief for seniors by transferring their current Proposition 13 base-year
values to a newly acquired residence if they sell their existing home and buy
another for equal or lesser value within the same county or within another
county which has passed an ordinance authorizing such transfers. The
requirements for this relief are listed below.
Age
At the time the original
dwelling is sold, the claimant or the claimant's spouse must be at least 55
years of age. A copy of the qualifying claimant's birth certificate must be
submitted with the application.
Time
If the original dwelling is in
San Diego County, the replacement must have been purchased after November
4,1986. If the original dwelling is located in any other California County, the
replacement must have been purchased after November 8, 1988.
Value
"Equal or lesser value" of a
replacement dwelling is defined as: 100% of market value of original property
as of its date of sale if a replacement dwelling is purchased before an
original property is sold; 105% of market value of original property as its
date of sale if a replacement dwelling is purchased within one year after the
sale of the original property; 110% of market value of the original property as
of its date of sale if a replacement dwelling is purchased within the second
year after the sale of the original property.
Owner-Occupied
Both dwellings must
be eligible for the Homeowner's Exemption.
If your property was
located in another California County, please include the following with your
completed application:
- Copy of closing escrow statement on the original
property
- Copy of your last property tax bill on the original
property
Contact the County of Los Angeles Assessor's
Office to obtain an application for the Reappraisal Exclusion for Seniors at
213-974-3211.
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