Property tax relief provided by California state propositions 60/90 has been restored in Riverside County.

Eligible homeowners can once again sell their property in another California county and transfer the taxable value to a qualified replacement dwelling in Riverside County, a move that may offer substantial tax savings.

Riverside County offered the incentive from 1989 to 1995, but ended the program out of concern the county was losing too much in property tax revenues.

Now, the program is staging a comeback, and if you have been longing for a desert domicile in Rancho Mirage or a golf course community in Palm Springs or Temecula, you can downsize to a home better suited to your current lifestyle without breaking the bank in higher property taxes.

How Prop 90 works California Proposition 90 provides for the transfer of a property’s base year value from an existing residence to a replacement residence for qualified people over the age of 55 or people of any age who are severely and permanently disabled.

It can offer substantial savings for homeowners who have lived in their properties for many years with low property taxes, allowing them to purchase without the risk of reassessment to a much higher tax bill.

Prop 90 was passed to help seniors who may be on fixed incomes move to smaller more manageable properties, and can only be used once by an individual or married couple.

Eligibility rules The rules for eligibility are as follows:

• As of the date of transfer of the original property, the seller or a spouse residing with the transferor must be at least 55 years of age or be severely or permanently disabled.

• At the time of sale the property must be the owner’s principal residence and eligible for the Homeowners Exemption, or entitled to the Disabled Veteran’s Exemption.

• The replacement property must be of equal or lesser value than the original property, and acquired or newly constructed within two years before or after the sale of the original property.

The rule allows the replacement property to be 105 percent of market value of the original property if the replacement dwelling is purchased within one year after the date of sale, and up to 110 percent of market value if purchased within the second year after sale. Claims must be filed within 3 years of purchase.

The following nine counties in California currently have an ordinance enabling the intercounty base year value transfer: Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara Riverside & Ventura. San Bernardino is still off the list, but the geography for possible retirement sites has just been expanded to some very attractive locations.

Give me a call for more information on the transfer of property taxes or visit www.boe.ca.gov/ proptaxes/faqs/propositions60_90.htm — Adriana Donofrio Podley Properties, Glendora 626-914-2904 adrianad@podley.com