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September 4, 2009

Empty Nesters Get Tax Benefits

Empty nesters and retirees take note: There could be some very nice tax advantages in your next home purchase.

If you’re ready to downsize and move into a smaller, more centrally located property like San Francisco’s Mission Bay or South Beach, for example, don’t forget about Prop 90.

This proposition allows counties to elect to accept transfers of property tax bases for moves from other counties when a primary residence is replaced with a home that is equal to or less expensive than one’s current home.

The key is knowing which counties participate in Prop 90. Here’s a rundown: Alameda, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, and Ventura. (Contra Costa, Inyo, Kern, Riverside, Modoc, Monterey, and Marin have dropped out of the Prop 90 program.)

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