The South Bay Association of REALTORS® applauds the Riverside County Board of Supervisors for unanimously reinstating property tax incentives under Proposition 90, providing needed tax relief to homebuyers age 55 and older who are selling their prior home and want to relocate to that County.
Riverside County is one of just nine counties in California participating in Proposition 90 tax programs. Los Angeles County also has a Proposition 90 ordinance, which provides this tax relief to buyers 55 and over who are moving to Los Angeles County from another county.
"The Riverside County Board of Supervisors did the right thing by reinstating this critical tax relief for seniors considering a home purchase,” said Sheri Fejeran, president of the South Bay Association of REALTORS®. “Prop 90 tax incentives make homebuying easier for seniors who otherwise may not have the necessary financial resources available to them.”
Proposition 90 allows buyers 55 and over to transfer their prior home’s base year value to their new home when it is of equal or lesser value. This provides important tax relief to seniors who may want to move to a smaller home, move closer to family members, or who are obligated to move due to disability.
For more information on Proposition 90 provisions for assessment of sold property, see the California State Board of Equalization website.
Should Prop 90 tax relief be available to seniors in your county? Contact your Board of Supervisors and tell them to pass a law!
