Quote:
Originally Posted by PoorLurker
Bad thing about moving up is the increased cost of property taxes. Even if you carry equity from one home to another, you are still faced with a large increase in property taxes.
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FWIW, in CA, under certain circumstances, a person over 55 can transfer the property value assessment of one property to another under Prop 60 w/o accuring a higher property tax liability.
I used this provision to keep my mother's property tax down when she had to sell her 1/2 interest in a very expensive property that she bought in 1948 and then bought a less expensive (but with a still higher assessed value) in North Beach in the 90's.
The new property has to be worth less than the old one and the transfer generally can occur only w/in the same county (with certain exceptions) but, if you qualify, it can save you a heap of $ in property taxes.