55 yrs+ & own house for 10 yrs don't have to pay current property tax rate?

Question

Someone told me that if you're 55 yrs or older and been living in your 1st home for over 10 yrs. If you buy the 2nd home, your property tax rate is based on the old home and not the new selling price. Is this true? if yes, where can i find the information? This is regarding California real estate law.

it is for primary residence. you sold your 1st home and buy the 2nd home.

Answer 1

That exemption only applies to your primary residence. In SC you have to be 65 to qualify.

You should be able to find that info on the website for the county property appraiser in the county the house is in.

They will avoid any Capital Gains Tax, since they lived in the previous home for so long, but counties vary in their property tax regulations even within a state. Some will tax based on the purchase price, others (like where I live) appraise the property every 5 years.

I can't think of any circumstance where a home that has been purchased would be taxed based on the previous home. Check the county website for property tax info.

Answer 2

I am almost 100% that this is not true. I do know that if you purchase your home from a relative that you can keep there tax rate. (My parents purchased there first home from my grandparents and we got there tax rate). The purchased a second home and the taxes are quite high. My father is over 55. They did not receive any type of tax break for that. Sounds like a rumor to me. Check it out but I really dont think so.

Answer 3

You'll have to check with your local taxing authority, but in Texas the over 55 exemption only applies to your primary residence.

Rick Lanicek
www.primelendingonline.com

Answer 4

Don't know about California, but not true in Illinois.