Monday, July 18, 2011

Prop 90 survives battle in Santa Clara County

Prop 90 was in danger of being rescinded. However, on June 14, the Santa Clara County Board of Supervisors unanimously voted to keep Prop 90 in place. Under Prop 60 and 110, if a seller or spouse is over age 55 or if a seller of any age is disabled where their original residence is sold, the seller may transfer the base year value of their home to a replacement residence of equal or lesser value within the same county. Prop 90 extended this benefit to seniors and disabled who move to counties that adopted Prop 90 rules. County Assessor Larry Stone wanted to eliminate Prop 90 to increase revenue. The eight counties that currently participate in Prop 90 tax base transfers are Alameda, Santa Clara, San Mateo, San Diego, Los Angeles, Orange, El Dorado, and Ventura. (El Dorado adopted Prop 90 in 2010. Santa Clara opted in 20 yrs ago.)

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