Do I Qualify?
To qualify for a Prop 60 tax base transfer, a few criteria must be met. First, either the claimant or claimant’s spouse must be age 55 or older when the original residence is sold. Second, the market value of the replacement residence must be equal to or less than the market value of the residence sold. Third, the replacement residence must be purchased within two years either before or after the current residence is sold.
The detailed requirements for the Prop 60 exclusion include, but are not limited to:
- The principal claimant or the claimant's spouse who resides with the claimant must be at least 55 years of age at the time the original residence is sold. The claimant must be an owner on record of both the original and replacement residences.
- The replacement residence must be equal to or lesser in value than the original residence. "Equal to or lesser in value" has been defined as: 100 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased before the original property is sold; 105 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased within one year after the original property is sold; or 110 percent of the market value of the original property as of its date of sale if the replacement dwelling is purchased between one and two years after the original property is sold.
- The replacement residence must be purchased or newly constructed within two years either before or after the sale of the original residence. The purchase or new construction of the replacement dwelling must include the purchase of that portion of land on which the replacement dwelling will be situated.
- The sale of the original residence must qualify for reassessment under the provisions of California Revenue and Taxation Code Section 110.1
- The principal claimant must have ONE of the following :
Received, or was eligible for, a Homeowner's Exemption
OR
Received a Disabled Veteran's Exemption on both the original and replacement residences
- Relief pursuant to Section 69.5 (Proposition 60 and 90) of the Revenue and Taxation Code can be granted only once, except for certain circumstances regarding severely and permanently disabled persons as defined in Revenue and Taxation Code Section 74.3 .
- Claims must be filed within three years from the date the replacement residence is purchased or newly constructed to receive full relief. Claims filed after the three year time period will receive Prospective Relief only. You must complete the claim form and provide evidence and/or declare under penalty of perjury that you are at least 55 years of age.
- Special rules apply to multi-unit dwellings and mobile homes. Please contact our office at 408-299-5300.
How Do I Apply?
Application forms for Prop 60 requests may be obtained by contacting the Real Property Division of the Santa Clara County Assessor’s Office or downloading the form below.
You may download the form here:
Mail completed forms to 70 West Hedding St, East Wing, 5th Floor, attention Prop 60/90/110.
Related Links
- State Board of Equalization: Frequently Asked Questions
- Assessor Larry Stone speaks about Prop 60/90 Benefits and Qualifications
State Property Tax Postponement Program
On September 28, 2014, the Governor signed AB2231 (Statutes of 2014, Chapter 703) which reinstates the State Controller's Property Tax Postponement Program with some revisions. The program will allow senior, blind, and disabled citizens with an annual household income of $35,500 or less and 40% equity in their homes to apply to defer payment of property taxes on their principle residence. Under this bill, applications may be filed with the State Controller's Office beginning October 1, 2016. Applications will not be accepted prior to October 1, 2016. Please refer to the Frequently Asked Questions for further program information, or call toll free, 1-800-952-5661.
