Senior Citizens in Los Angeles County have an important tax saving benefit available to them should the need to move arize.
With Propositions 60 & 90 in Los Angeles and other participating Counties, Seniors can transfer their principal residence's tax base to a newly acquired home of equal or lesser value. In some cases, that "equal or lesser" value might be up to 110% of their principal residence; which means a senior could actually buy-up and keep their existing low tax base.
There are rules to be followed in order to receive the most benefit from this program and interested home-seller's should visit the Los Angeles County Assessor's website for more information. www.lacountyassessor.com.
Just in case you were wondering, the newly acquired property doesn't necessarily need to be in LA County as long as the new county is a participating member of prop 60&90.
For a free brochure covering the benefits available under prop 60 & 90; qualifying information and claims information, please send an e-mail to John.Wall1@century21.com and request Prop 60/90 info. The brochures are available in PDF format via e-mail, or we'll mail you a copy free of charge. Be sure to include your preferred contact information.
Taxes are one thing you can count on always being there. TeamResults is committed to serving our client's and educating the buying and selling public on the best ways to save on everything from commissions to taxes. Please let us know if you have any questions that we might answer, TeamResults@century21.com.