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To transfer your San Diego North County homes property tax base, one of the owners must be 55 years old on the day of the transfer. It must be you principal residence. The subsequent principal residence that you are purchasing must close escrow within 2 years of the transfer of the first principal residence.
On the Proposition 60 and 90 transfer, you are allowed an inflation allowance of 5% if the subsequent purchase is less than one year of the sale date of the original place of residence.
On the Proposition 60 and 90 transfer, you are allowed an inflation factor of 10% if the subsequent purchase is less than two years.
Please remember, if you purchase a replacement residence prior to closing escrow on the residence you want to transfer your tax base from, you do not have an inflation allowance., Your former North County home must sell for at least what was paid for the replacement residence.
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