Prop. 90 clarified

Following my recent article for The Acorn on Propositions 60 and 90, I would like to clarify a rumor that the Ventura County Board of Supervisors plans to repeal Proposition 90.

The rumor is not true.

For readers who may not be familiar with them, Propositions 60 and 90 have nothing to do with the Federal IRS capital gains tax break for Sellers of $250,000 (single seller) or $500,000 (married couples). They are California State laws that allow sellers aged 55 or older in certain counties to take their property assessed value with them one time only when they buy or build a replacement home.

At present, Ventura County participates in both Propositions 60 and 90. The rumor was that the County Board of Supervisors was planning to repeal Prop 90 which allows qualified sellers in other counties to take their assessed value with them when they purchase replacement properties in Ventura County.

Evidently the rumor began when an informal draft proposal was circulated among various members of the county government requesting a study of areas in which Ventura County might increase tax income.

After personally speaking with Ventura County Executive Officer John Johnston, Ventura County Assessor Dan Goodwin, Ventura County Chief Deputy Clerk of the Board of Supervisors Roberta Rodriguez and Ventura County Supervisor Linda Parks, I learned that there is no plan at present to repeal Proposition 90 in Ventura County.

In order to repeal it, it would first have to be put on the board’s agenda and a very specific procedure would have to take place.

Susan Stone, GRI White House Properties Agoura Hills