Seniors in California who are looking to sell their home or downsize to a smaller residence are likely to receive some much needed tax relief under a new bill that recently passed the state Assembly with broad bi-partisan support.
AB 1378 would allow those over age 55 or the disabled to transfer the base value of their property to a new residence as long as the new house was in the same county and cost less than the old residence’s sale price.
Currently, California seniors over 55 and disabled adults are permitted to transfer the assessed value of their present home to a new home – but only one spouse or partner can claim the tax transfer. The rules for what is known as “base year value transfers” were made under Proposition 60, approved in 1986. Prop. 60 gave homeowners over the age of 55 a one-time right to transfer the assessed value of their home to a new residence. But it was limited to one transfer per married couple. AB 1378, when enacted, will allow both property owners to reap the benefits of the base tax transfer.
The new law would apply only to persons who file a claim on or after January 1, 2016, and who have not been previously granted the base year value transfer property tax relief.
Yee Law Group Inc.: Sacramento and Roseville Elder Law Attorneys
If you are a senior or a loved one of a senior looking for answers and guidance on the important matters that arise as we age, Yee Law Group Inc., PC in Roseville is ready to assist you and provide responsive, accessible, and plain-spoken counsel. Please give us a call at (916) 599-7297 to discuss your issues and concerns. We look forward to the privilege of being your attorneys.
