News for hackers. Stuff that matters.

A comment on The Ultra-Rich Are Flourishing and Sticking Around in California. Parent comment

Re:The Ultra-Rich Are Flourishing and Sticking Around in Cal... by josephjrobison on Tuesday August 01, 2023 @03:42PM (#36961562)
In some (or all?) counties, if you move to another house in the same county you can keep your original tax base.

Transferring a Principal Residence Value within a County

“Proposition 60 (Revenue and Taxation Code 69.5)

Property owners of at least 55 years of age may transfer the base year value of their principal residence to a replacement principal residence. The replacement must be of equal or lesser current market value and located within the same county. Sacramento County does not allow base year transfers from other counties.”

https://assessor.saccounty.net/LowerMyTaxes/BaseYearValueTra...

[ Parent | on HN ]
Re:The Ultra-Rich Are Flourishing and Sticking Around in Cal... by ChuckMcM on Tuesday August 01, 2023 @04:54PM (#36962731)
As of 2023 this is true any county to any county. What they took away was being able to inherit the tax base on rental properties.
[ Parent | on HN ]
Re:The Ultra-Rich Are Flourishing and Sticking Around in Cal... by josephjrobison on Tuesday August 01, 2023 @07:51PM (#36964941)
Great addition thanks!
[ Parent | on HN ]