A bill by Assembly Majority Leader Chris Holden to provide property tax relief for California seniors was approved today in the state Senate on a vote of 36 to 0 and now goes to the Governor's desk for signature. Holden represents Monrovia. AB 1378 would allow each person over age 55, or the disabled, to transfer the base value of their property to a new residence as long as the new house cost less than the old residence's sale price. Source: Press release
- Brad Haugaard
I hope this isn't in anticipation of removing Prop 13.
ReplyDeleteAgreed, not sure what the change here implies.
ReplyDeletethe change implies that both owners (husband and wife) can use the exemption - previously, the relief was only allowed for the "couple" and if you divorced, only one spouse could take the credit -
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