If you are over 55 OR permanently disabled, you may be able to transfer your current property tax base year from an existing home to a new home. Of course, there are conditions. Typically, the two homes will have to be in the same county; however, there are 10 counties that allow intercounty transfers, San Bernardino and Riverside being two of them.
Also, the replacement home must be of equal or lesser value than the original home. The replacement home must be purchased or built within 2 years of the sale of the first home. Talk to your tax professional to explore this and see if you are eligible. Don't let onerous property taxes prevent you from purchasing a new home - you may be exempt!
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AuthorI am Rhonda Stanton, your Inland Empire real estate expert -- the market, the history and the other people that will be part of the home-buying process. ArchivesCategories |