Proposition 60 Can Reduce Your Marin Property Taxes
When you sell your home and downsize, California Proposition 60 allows homeowners 55 or older to save on property taxes. You can continue to pay the amount of your existing property tax bill if you sell your home and buy a replacement house of equal or less value.
For example, the property taxes for the home that you have owned for many years may be $3,500 per year. Your property taxes would remain at $3,500 instead of the new rate of about $12,500 per year (for a $1M house).
Property 60 works for you if you sell your home and buy another home in Marin or in one of these counties:
- Los Angeles
- San Bernadino
- San Diego
- San Mateo
- Santa Clara
If you move to any other county in California, you must pay property taxes at the full, newer rate.
NOTES: If you are moving to Marin from any other county in California, you cannot transfer your taxes. However, counties can and do change their participation in Proposition 90 transfers. Check with the Marin County Assessors Office, (415) 473-7215, to find the latest status for any other county in California.
There are many provisions of the property tax laws (Propositions 60, 90, and 100) that cover all of the details. This web page can answer many of your questions: State Board of Equalization Propositions 60 & 90. You can also contact Madeline Schaider at any time to guide you through this process:
Learn About Your Senior Exemptions
The county provides a list of exemptions for property tax items that apply tour property. Follow these steps:
- Look on your tax bill for your Parcel Number or APN. This should look like 099-999-99.
- Enter your Parcel Number on this web site: apps.marincounty.org/PropertyTaxExemptions/
You Can Save on School Taxes
Most school districts have a Senior Exemption Program that excuses you from paying property taxes related to that school district. The senior exemption is for homeowners 65 or older.
About $500 of your property taxes each year goes to your local schools, part to the high school district and part to the primary-middle school district. The amounts vary with district. You may want to continue to support your schools through your tax contributions. However, if this savings help you stay in your home, you may choose to apply for exemptions.
Each school district has its own application process. To find applications, you can search the internet for “School district name senior exemption;” for example, “Mill Valley Schools senior exemption.” You can also call the school district. Find your school districts and their contact information at LivinginMarin.com:
Remember, there are separate applications for your high school and primary-middle school districts.