Let’s say you bought your 4 bedrooms/ 2 bath home in Burlingame in 1995 for $545,000. Based on the tax collectors estimated property value of $ 645,000 in 2007, your property tax probably costs you about $7000/year. The kids have left home and you are thinking of getting a smaller place with no steps. With proposition 60 in place if you are 55 or older, you are able to take your property tax with you one time in San Mateo County (other counties cooperate). Your new home has to be purchased for equal or lesser value. Imagine you can sell your home for $ 1.7 Mio and are looking at a nice one level 3 bedrooms/2bath house in San Carlos for $1.2 Mio. The property tax for a house of this value would normally cost you about $13,000/year but since you are bringing your tax base with you, $ 7,000 is all you are paying.

For more information on proposition 60 go to:

http://www.smcare.org/

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