Prop 90 in El Dorado County is ending. Homebuyers that are looking to relocate to El Dorado County as well as take advantage of the benefits of Prop. 90, have now been given a deadline of November 7, 2018 in order to do so.
Originally approved in 2009, Proposition 90 allowed homeowners, 55 and older, to transfer their previous property tax base from a home sold another county to a home of equal or less value in El Dorado County. Effectively allowing the buyer to keep their low tax rate. The motion was originally approved for a period of five years; setting to end in 2014, however at that time had been extended once more.
After review of an annual report provided by the Chief Administrative Office showing loss of tax revenue due to Prop. 90, the Board of Supervisors have made the decision to discontinue participation. After some debate and push back from the community, the board has made the final decision to extend participation for the period of 1 year.
The decision to end participation will not affect those already receiving the benefits of Prop. 90. However, has given anyone that was looking forward to those benefits with the intention of moving into El Dorado County a deadline.
For more information on Prop 60 and Prop 90
For more information regarding El Dorado County’s decision on Proposition 90 please click on the links below: