Tax Incentive for New County Residents Takes Effect This Week, Information Available Online
RIVERSIDE – California seniors or disabled homeowners who are new to Riverside County will be eligible for property tax relief starting Thursday thanks to a measure approved last month by the Board of Supervisors.
Eligible homeowners can sell their property in another California county and transfer the taxable value associated with that property to a qualified replacement dwelling in Riverside County, which may result in substantial tax savings when they move. Purchases completed starting Thursday or later will be eligible for the tax relief.
“We have put this incentive in place to generate positive activity in home purchases and spending on goods and services in our local economy,” said Supervisor John J. Benoit, who co-authored the change. “There is a lot of interest by retirees who are anxious to establish their dream home in Riverside County, and this information will help them utilize these benefits.”
Newly reinstated in Riverside County, Propositions 90 and 110 give a once-in-a-lifetime opportunity to homeowners who are more than 55 years old at the time of sale or severely or permanently disabled. For a married couple, only one spouse needs to be 55.
The original and replacement property must be the owner’s principal place of residence. The replacement residence must be of equal or lesser “current market value” than the original property.
Homebuyers who intend to apply for the tax benefits may download the application (BOE-60-AH) at www.riversideacr.com under the Forms menu. For specific questions and inquiries, contact the Assessor-County Clerk-Recorder at 951-955-6200 or email@example.com.
Riverside County previously had Proposition 90 in effect until 1995. Supervisor Benoit and Supervisor Kevin Jeffries coauthored the ordinance to reinstate the benefit, which received final approval by the Board of Supervisors in August.
Detailed information about these benefits is available online at the Assessor-County Clerk-Recorder Web site, www.riversideacr.com.