Propositions 60 & 90

There are so many helpful laws that people just have no idea about. Did you know about Proposition 60? It's a constitutional amendment passed in California way back in 1986 and it allows people from 55 and up to take their existing property tax situation to another property of lesser or equal value, regardless of the tax laws in that area.

The only question is does Prop 60 do the job? Some restrictions do apply. For instance, the new home must be purchased or built within two years of the original home being sold or no tax benefit. You'd better choose that second home very carefully because once you've benefited from 60 that's it, no second chance. There is a limitation to where you can move as well because 60 won't cover you if you move out of the county.

So is there a more comprehensive law coming around in this political season? In fact, there is. If the desired county chooses to participate with Prop 90 then this law will allow property tax transfers within a wider range. Though certain counties have turned their backs on it, and in some cases completely rescinded it, others claim a need for Prop 90 because it helps local businesses and cuts down on the amount of foreclosures because retirees find that they can keep up with the taxes and live in their dream homes.

If you're looking at retirement and want to move into that cute beach house so you can surf for the rest of your days then you should know about Proposition 60, as well as the upcoming Proposition 90 and what they can do for you. Remember to make sure that you consult a professional so that they can sort out the necessary paperwork and make sure that you're eligible for these benefits.