Lfuapau,
Can I ask for a clarification on your question?

Do you mean property tax ( paid yearly to the county )

or Capital Gains ( paid as part of your income tax, if your profit exceeds the exempted amount as allowed by the IRS)

Neither have to do with your age at the time of sale.

If you have any past due property taxes at the time of your sale they will have to be paid to close the sale.

Consult with your tax advisor about your specific situation

You bought your house for $200,000 orginially, you are now selling it for $750,000. You minus the cost which includes what you paid ($200,000) what it cost to sell (example $50,000) total $250,000. Now you get $500,000 tax free profit for a couple, off any price. Now your total is $750,000 and you owe nothing. Let's say you were selling for $800,000 and you had the same costs as the example given. You would owe taxes on $50,000 left over.
Hope this helps!

Are you talking about Proposition 60 that allows you to transfer your property tax base to a new home, providing that home costs less than your present home and one of you is at least 55 years of age? As long as that new home is in the same county, you should be able to do that.

It's particularly helpful if you've owned your home for a long time and are assessed at a very low amount. Instead of paying taxes based on the new sales price of the new home, you can take your existing tax basis with you.

Proposition 90 lets you transfer that tax base to a different county as long as that county will let you. So, if you're moving to a new county, check with that county tax assessor's office to see if you are eligible.

Hi Lfuapau,

If I understand your question correctly. If you sell your primary residence that you and your spouse have lived in for at least 2 out of the last 5 years, then you will receive a $500,000.00 tax exemption. Meaning you will not pay taxes on the sale of your home unless you realize a profit over and above the $500,000.00 exemption, and any costs that you will incure for the sale of your home. Example. You sell your home for $600,000.00, and your sales costs total $50,000.00. That leaves you with $550,000.00. $500,000.00 of this money is tax free, meaning you will only owe taxes on the remaining $50,000.00. Now certain counties do allow for senior citizens to downsize within their county borders and keep their remaining property taxes. It's important that you check with your accountant prior to making any decisions on the sale of your home. Good luck!

Matt

Hello, It's Chuck again.
Also once your home is sold you will no longer owe any property tax.
The property tax bill will be transferred to the new owner.
Thanks
Chuck
Let me know if I can help.
714-625-8954

Hello My name is Chuck Davis and I am a licensed CA agent.
Here is an answer to your question.
You may pay no tax on the sale of your personal residence if the amount does not exceed $250,000 gain. If you are married and file a join return, you can exclude $500,000 of gain from the sale of your residence. You must have used the home as your principal residence two out of the previous five years. You qualify for this exclusion every two years. After that you would wnat to contact your CPA.
Please let me know if this helped or if you need a tax guy referral.
When you are ready to sell your home I can help too.
Thanks,
Chuck Davis
714-625-8954