In California we have Prop. 13 which limits property taxes to about 1% of the assessed value and limit yearly increases to approximately 2% of same.
But we also have Pops. 60 and 90 which allow a person over the age of 55 to transfer his Prop 13 capped property tax to a new house in the same county or to another Calif. county if that county accepts transfers.
The over 55 year old sells his existing house and as long as he purchases a new house of the same or lesser value he retains his old capped property tax from the former residence.
That is just one more reason to live in California.
Any other states have this that you know about?
boont
But we also have Pops. 60 and 90 which allow a person over the age of 55 to transfer his Prop 13 capped property tax to a new house in the same county or to another Calif. county if that county accepts transfers.
The over 55 year old sells his existing house and as long as he purchases a new house of the same or lesser value he retains his old capped property tax from the former residence.
That is just one more reason to live in California.
Any other states have this that you know about?
boont