Riverside County has adopted to participate in Prop 60/90

Proposition 60 allows transfers of base year values within the same county (intracounty). Proposition 90 allows transfers from one county to another county in California (intercounty) and it is the discretion of each county to authorize such transfers.

The County Assessors will require a copy of the tax bill from the other county and a copy of the applicant’s birth certificate to be included with the application. Also include a copy of the grant deed for the new purchase and a copy of the closing statements of both sale and purchase.

Summary of eligibility requirements:

  • The seller of the original residence, or a spouse residing with the seller, must be at least 55 years of age, as of the date that the original property is transferred.
  • The replacement property must be of equal or lesser “current market value” than the original.
  • The base year value of the original property cannot be transferred to the replacement dwelling until the original property is sold.
  • The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property.
  • The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.
  • This is a one-time only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.
  • The taxpayer is not eligible for the tax relief until they actually own AND occupy the replacement dwelling as their principle residence.

As of September 19, 2013, the following nine counties in California have an ordinance enabling the intercounty base year value transfer:

Alameda  – El Dorado – Los Angeles – Orange – San Diego

San Mateo – Santa Clara – Riverside – Ventura

Since the counties indicated above are subject to change, we recommend contacting the county to which you wish to move to verify eligibility. If you have any questions, the property tax office in Sacramento may be reached by calling: (916) 274-3350 or visit http://www.boe.ca.gov/proptaxes/faqs/propositions 60_90.htm

The information set forth herein is intended as an overview and should not be construed as legal, financial, or tax advice. Consult your tax professional

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Property Tax Schedule

The following schedule is intended to serve as a general guide to property-owners.

July 1 Beginning of the fiscal year.
August  Treasurer-Tax Collector’s Office mails delinquent prior year secured notices.
August 31 UNSECURED TAX DELINQUENCY DEADLINE as of 5:00 p.m. A 10% penalty plus a $75.00 collection fee is added as of 5:00 p.m.
Sept 25 – Oct 5 The Treasurer-Tax Collector’s Office mails out original SECURED PROPERTY TAX bills.

In addition, SUPPLEMENTAL TAX bills are mailed throughout the year. 

October Unsecured Tax liens filed for unpaid unsecured accounts.
November 1 First SECURED PROPERTY TAX installment is due; delinquent UNSECURED accounts are charged additional penalties of 1.5% per month until paid.
December 10 FIRST INSTALLMENT payment deadline. A 10% penalty is added after the deadline.
January Treasurer-Tax Collector’s Office mails delinquent notice for unpaid FIRST INSTALLMENT and SUPPLEMENTAL SECURED INSTALLMENTS.
February 1 Second SECURED PROPERTY TAX installment due.
Feb – March Treasurer-Tax Collector mails delinquent prior year secured installment.
March – July UNSECURED PROPERTY TAX statements mailed.
April 10 Second SECURED PROPERTY TAX installment payment deadline. A 10% penalty plus $23.00 cost is added after the deadline.
May Treasurer-Tax Collector mails delinquent notices for any unpaid first and second installment taxes and SUPPLEMENTAL SECURED INSTALLMENTS
June 30 End of fiscal year.
July 1 Delinquent SECURED and SECURED SUPPLEMENTAL accounts are transferred to delinquent tax roll and additional penalties added at 1.5% per month on any unpaid tax amounts, plus $15.00 redemption fee.

Please note that the list above includes only the more significant dates and may not include all items or activities in the regular tax cycle.  If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day

2013 3.8% tax information from NAR

Beginning January 1, 2013, a new 3.8 percent tax on some investment income
will take effect. Since this new tax will affect some real estate transactions, it is important for REALTORS® to clearly understand the tax and how it could impact your clients. It’s a complicated tax, so you won’t be able to predict how it will affect every buyer or seller.

To get you up to speed about this new tax legislation, the NATIONAL
ASSOCIATION OF REALTORS® has developed this informational brochure.
On the following pages, you’ll read examples of different scenarios in which this new tax — passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans — could be relevant to your clients.

Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

Click here to download brochure or visit Realtors.org website for more information.