Property Tax Break for Seniors 55 and older.

Property Tax Break for Seniors 55 and older. In California you can have a great property tax break if you OR your spouse is 55 or older. You can sell your house and buy another house, and transfer the trended base value (used to calculate the property taxes). This is specially valuable if you have lived in your property for a long time.

The assessor can not increase the assessed value by more than 2% a year. Consequently, the assessed value becomes much lower than the property value after many years, and you can transfer that to a new property. There are conditions and limits. Please talk to your Realtor for more details.

Source Los Angeles Assessor: https://assessor.lacounty.gov/wp-content/uploads/2015/02/E-20.pdf

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