Does the one time tax exemption still exists in California when you turn 55 years old? When you sell property and use the money to buy a new property?

I sold my property in Tucson Arizona and the gross sale was $68.000 and the net money $54.667.12 dollars. I used the money to buy a house in Tehachapi California for $250.000. The money went towards the move and the purchase of the new property.

Asked by Stankey

1 Answer

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Answered by Danelle Chung, CFP® in Austin, TX
The age 55 property tax exemption in California is still available. However, both the original property (former residence) and its replacement must be located in the same county to qualify for the exemption under Proposition 60, or located within one of listed 9 counties in California to qualify under Proposition 90 (Alameda, El Dorado, Los Angeles, Orange, Riverside, San Diego, San Mateo, Santa Clara, Ventura). | 01.09.15 @ 19:51
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 17:41
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Answered by

Danelle Chung
Danelle Chung, CFP® in Austin, TX

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