News Archive: Ask the Professional - I am over 55 and will be selling my home to purchase another. Can I keep my old property tax base?

For Immediate Release:
December 26, 2008

Brad Gai, Stockholder
bgai@rina.com
925-210-2180
1220 Oakland Blvd., Suite 300
Walnut Creek, CA 94596
www.rina.com


Q. I am over 55 and will be selling my home to purchase another. Can I keep my old property tax base?

A.Yes. In addition to you (or your spouse) being at least 55 years or older, the replacement property must be your principal residence, both the original residence and the replacement residence must qualify for the homeowner’s exemption, you must acquire your replacement residence within two years before or two years after the date your original residence is sold, and the replacement residence must be of equal or lesser value to the original residence.
This once in a lifetime benefi t applies to transfers within the county you currently live in. It may apply to intercounty transfers, as well. Currently, seven counties, including Alameda, San Mateo and Santa Clara allow intercounty transfers. Check with the county assessor’s offi ce to verify the current status of the law for any proposed intercounty transfers.