Nancy Hankin, Broker Associate with RE/Max Real Estate Consultants, announced today that Riverside County Supervisors gave final approval August 20, 2013 to Proposition 90, allowing 55 plus homebuyers the ability to transfer their Prop 13 tax base into Riverside County. This appears just in time for the Palm Springs Desert Area buyers to begin flocking to the Valley!
Prop 90 is great for buyers looking for their final home. This will save homebuyers tens of thousands of dollars. Who wouldn’t want to take advantage of this great savings?
Here are some facts that will explain Proposition 90 in a “nutshell.”
Under Proposition 90, California property owners who are 55 years and older may be able to qualify to transfer the assessed value of their principal residence sold in county “A” to their new residence in county “B.”
Qualifications for Proposition 90 are as follows:
• The purchaser or spouse must be 55 years of age.
• The replacement residence must be equal to or less than the value of the residence sold.
• The replacement residence must be located in the same county as the property being sold OR must be located in one of the counties which have voted to PASS Proposition 90 in order for the real property tax base to be transferred from the former residence to the replacement residence.
It’s always wise before making plans to move, to call the County Assessor’s Office in the county you are moving to and request the most recent information concerning Proposition 90. For complete details on Prop 90 Click on This Link to learn more about this great tax savings and how to take advantage of it.
To learn more about buying, selling or investing in real estate in the Palm Springs Desert Area known as the Coachella Valley, go to www.PalmSpringsHomesAndEstates.com for all your real estate needs. Search properties using the same up-to-date information on the MLS that Realtors use daily!
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IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
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