Replacement Dwelling Exclusions:

Owner over age of 55 or permanently disabled may qualify for property tax savings when they sell their principal home and buy a replacement property of the same or lower value. The key to enjoy such a law is to remember the words "Equal or Lower" value and it can be used only once during life of the owner. Proposition 60 was added into the California Constitution in November 1986 and it allows qualified owner over the age of 55 to transfer the base year values from the original property to a replacement residence under certain conditions. The owner must be age 55 or older, and own and occupy the original residential property as the owner’s principal residence as of the date of transfer to a new owner. If the owner is married and resides there with his spouse, then both spouses qualify if either one of them is at least age 55 as of the date of transfer. It is common to transfer within each county but it may not be possible to transfer with another county depending each county's law. Please check with your county assessor regarding transferring into another county if you wish to do so. For example, you may enjoy the benefit of replacement dwelling law, prop 60, 90 and 110 within county of San Francisco but it is not possible to transfer to another county because of San Francisco local law. For more info, please check with your county assessor or click one of the following link.

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