Riverside County reinstates California tax break for homeowners over 55

Real estate professionals in Riverside County say reinstating a tax break that allows eligible homeowners to sell their property in another California county and transfer the taxable value associated with it to a qualified replacement dwelling in Riverside County could help generate an additional 1,350 sales a year.

Nine California counties have implemented state ballot propositions 90 and 110, enabling residents to claim the one-time deduction, The Press-Enterprise reports. Before Riverside County withdrew from the optional program in 1995, about 2,650 residents a year claimed the tax break, saving about $900 on their property tax bills. Source: pe.com