For many of our senior clients, they often choose to sell their residence and downsize to a modest condominium or a smaller home. Doing so is a good idea, however, many clients are hesitant to make such a decision simply because of the reassessment in property taxes.
Prop 60/90 is a tool that allows seniors over the age of 55, and with certain qualifications, to transfer the base year assessed value of their original residence to a replacement residence of equal or lessor value intracounty and in some cases intercounty. This rule only applies if the original residence or replacement residence was owned, at least in part, by the individual and not a legal entity.
Here at Chauvel & Glatt we know that your real estate assets are important to you and that you want to live comfortably without having to pay higher property taxes. We can assist to determine the best course of action so your assets are protected. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.