Property Tax Breaks For Seniors – Prop 60/90

June 11, 2012 by · Leave a Comment 

Under Proposition 90, California property owners who are 55 years or older may be able to qualify to transfer the assessed valued of their principal residence sold in County “A” to their new residence in County “B”.

The County Assessors will require a copy of the tax bill from the other county and a copy of the applicant’s birth certificate to be included with the application. Also include a copy of the grant deed for the new purchase and a copy of the closing statements of both sale and purchase.

Summary of eligibility requirements

  • The seller of the original residence, or a spouse residing with the seller, must be at least 55 years of age, as of the date that the original property is transferred.
  • The replacement property must be of equal or lesser “current market value” than the original.
  • The base year value of the original property cannot be transferred to the replacement dwelling until the original property is sold.
  • The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property.
  • The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.
  • This is a one-time only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.
  • Proposition 60/90 relief includes, but is not limited to: single family residences, condominiums, units in planned unit developments, cooperative housing, corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owners’ living premises which are a portion of a larger structure.
  • The taxpayer is not eligible for the tax relief until they actually own AND occupy the replacement dwelling as their principle residence.

Alameda (415) 272-3755

San Mateo (415) 363-4500

Santa Clara (408) 299-4347

Orange (714) 834-2746

Los Angeles (213) 974-3101

Ventura (805) 654-2181

San Diego (619) 531-5507

It is essential that you call the co-operating County in question, to verify that they are currently accepting the value transfer under Proposition 90, and what their requirements are. If you have any questions, the property tax office in Sacramento for all counties in California may be reached by calling: (916) 445-4982 or click here for frequently asked questions.

The information set forth herein is intended as an overview and should not be construed as legal, financial, or tax advice. Consult your tax professional.

BofA to Reduce Principals by up to $100K

March 14, 2012 by · Leave a Comment 

Photo: 401K Calculator

If you’re a homeowner struggling with an underwater home, Bank of America’s settlement with government regulators may be very welcome news.  As part of the settlement, Bank of America will be giving approximately 200,000 homeowners principal reductions of up to $100,000.  If you’re one of the homeowners affected, this could very well save your home. Read more

Green Homes an Encouraging New Trend

March 12, 2012 by · Leave a Comment 

Photo: Dave Dugdale

I’m happy to see that one of the most popular emerging trends on the market today are eco-friendly “green” homes that actually give energy back to the grid.  Some homeowners are even seeing a profit from their home’s energy-generating capacity.  They’re paying $0 in energy costs, and even getting some money back. Read more

Amazing Prices on Bank-Owned Properties

March 7, 2012 by · Leave a Comment 

Photo: Nick Bastian

We can’t believe the amazing prices we’re seeing on bank owned (REO) and short sale properties. It’s the first time in the last five years that prices are looking good for real estate investment purposes.

Just to give you an idea, currently in the Old Town Tustin area there is a 3 bedroom home for sale for $350,000 and a 4 bedroom historic home for sale on a large lot for $535,000. Even one year ago these prices would have been unheard of.  Read more

Warren Buffet’s 2012 Advice: Buy, Baby, Buy!

March 1, 2012 by · Leave a Comment 

401kcalculator.org

A very interesting article in the International Business Times today highlights legendary investor Warren Buffet’s advice for real estate investors: Buy, Baby, Buy (especially single-family homes)! Read more

Which Home Repairs to do First?

February 16, 2012 by · Leave a Comment 

Photo: Mark Hunter

Owning a home is great – you get to build your own equity, have the satisfaction of owning your own property, get to customize it the way you like it, not to mention the tax breaks and other benefits.  But owning a home does come with responsibility: to keep your home maintained and repaired.  When your budget is tight, which repair jobs are the most important? Read more

Want to Buy Foreclosed Homes?

February 13, 2012 by · Leave a Comment 

Photo: Jeff Turner

For those of you wanting to make a killing on today’s housing market, foreclosures and distressed homes are the way to go. But you’ll need good credit and ready cash if you’re going to make your move.

Read more

Six Must-Haves for Mortgage Approval

February 9, 2012 by · Leave a Comment 

Photo: 401K Calculator

If you’re thinking of buying a home, getting approved for a loan is one of the first steps.  It’s getting more complicated to get approved for a loan these days, so make sure you have your paperwork in order.  It’s also important to find a loan agent who is competent and effective at navigating possible complications.  That being said, don’t be discouraged.  People ARE getting loans, and they are buying homes.  Contact us, and we can help to answer any questions you may have, and point you in the right direction. Read more

Brass Fixtures Send CHEAP Message

February 6, 2012 by · Leave a Comment 

An article encouraging sellers to get rid of cheap brass fixtures appeared on Inman News today, and I couldn’t agree more.  In the article, Chicago real estate agent Steve Somogyi emphatically states that he thinks dated, cheap, yellow brass fixtures send the wrong messages to buyers: C-H-E-A-P!

Changing out dated brass fixtures can dramatically improve the overall look and feel of your home, and it is a small investment that may potentially impress buyers. Read more

Tricked-Out Man Caves: The Perfect Superbowl Venue

February 4, 2012 by · Leave a Comment 

Photo: Zillow.com

Just in time for the Superbowl, gentlemen, I give you…THE MAN CAVE!

Apparently, according to an article on Zillow.com, homes with man caves are surging in popularity these days.  You know what I’m talking about when I say “man cave”, right?  I’m talking cushy sofas, big-screen TVs, plenty of beer (or maybe even a wet bar), snacks, and a dart-board.  You might have one in your home.  But when it comes to tricked-out man caves, these properties have got it down. Read more

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