CA Props 60 and 90: Affordable Living for those 55+

Filed under: Market Comentary

Are you familiar with the proposed changes with Pros 60 and 90? I talked to a few people at the Board of Realtors about the proposed changes and the funding that is needed for the issue. To fund the enhancements, they are looking to increase the dues for the California Association of Realtors.

On the surface, this plan seems like a great idea. Here are a few things that you need to know about Props 60 and 90:

What are Props 60 and 90?

Prop 60 allows people who are 55 or older to downsize their house so that they can transfer their current tax assessment. This process can be a huge benefit for the financial outlook for this age group. For example, my mom has owned her house for 35 or 40 years, and she could downsize and transfer the tax assessment that she’s had for all these years. It would help her keep the taxes down on the new house.

Prop 90 is basically the same thing, but it allows people to do the tax assessment transfer between counties.

Proposed Changes

Right now, there are a few changes that they are looking to make. With the way it’s currently set up, there are only a few counties that are participating in the program. The goal is to expand the area so that all of the counties in California are cooperating with this initiative.

Another factor is the value of the property. Right now, you have to buy down in value to take advantage of it. But, the proposed changes would allow a person to buy up and still have the tax benefits.

A Powerful Tool for Retired Homebuyers

There aren’t very many people who know about the options to use Prop 60 or 90. A large percentage of our population is getting over the age of 55+, so they need to know about the options that are available.

If the proposed changes are made, it could be a great benefit for real estate business here in Temecula. People in Orange County and other areas could move to Temecula and take advantage of the tax assessment transfer for their new home.

Do you know someone who could benefit from this information? Share it with anyone that you know who is 55+ and thinking about buying a home. Franklin Loan Center is always here to answer your questions, so reach out anytime if you need more information.

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