I've had several conversions in the last month with "older" couples wanting to sell their homes but are not even considering it because their property taxes are so low and they don't see any value in having their property taxes double, triple and even in one case more than quadruple if they bought a smaller property to retire in now their children have left the nest.

One of the couples was aware that there is a way to transfer your property tax base but didn't know what it involved while the other two had no idea. It's actually quite easy to do and has been around since the 1980's and although you're limited to staying in your current county or moving to one of the 10 reciprocal counties, if they are a good fit for you, it could save you a great deal of money in the long run.

The current counties you could move to are Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara and Ventura County. Below are the requirements to take advantage of Propositions 60, 90 and 110.
  1. You or your spouse must be at least 55 years of age when the original property was sold.
  2. The original property and new property must be within the same county or one of the reciprocal counties.
  3. You can only use the transfer once in a lifetime.
  4. The new replacement property must be of equal or lessor value than the original property sold.
  5. The replacement property must be built or bought within 2 years of selling the original property.
  6. Your original property must be your primary residence and have been eligible for the homeowners' exemption or disabled veterans' exemption.
  7. Your replacement property must be your primary residence and must be eligible for the homeowners' exemption or disabled veterans' exemption.
Proposition 110 passed in 1996 extends this relief to permanently disabled people, whether 55 or not. More info below that might be of interest.

If you have any questions about this feel free to reach out as I'd be happy to help.

If you are open to hearing about the huge benefits of buying rental properties give me a call as I bought my first investment property in 2014 and it has been nothing but a hugely positive experience.

Also, to all my buyers out there. Please watch this video I did last week on why buyers are losing their dream homes over the price of a cup of coffee. It's shocking to me but oh so common.

Finally, people are shocked when I tell them that homes are selling at higher prices and in a shorter period of time than this time last year. In some neighborhoods there are close to 50% less homes on the market than this time last year, but because interest rates are so low the buyers are out in force. If you have been thinking of selling there is not a better time in my eyes to do it. Give me a call and let's discuss.
   
Don't want to pay for staging or renovation costs when selling your home? No problem as we will front the costs. More info here with First Team Concierge.

If you are looking to buy or sell please reach out with any questions. Myself and my team have all bases covered when it comes to you working with us and giving you the best service. Legal, Escrow, Title, contractors, Estate Sales, photography, media proposals (we have it all). I am powered by First Team, the number 1 company in Southern CA 18 years in a row so you will be in great hands. Still need persuading? Here are some lovely reviews I have received this year.

Looking to relocate? We did over $400m in relocation deals last year. We have you covered.

I'm being asked a lot of questions which is great so I have started my youtube channel in order to answer them. You can check it out here. Feel free to send me any questions you may have as I'm always happy to help.

If you want to stay up to date with what I am doing you can follow me on my Facebook page for videos and market updates. Here is my website.
Market updates:
Long Beach
Huntington Beach
Redondo Beach
Manhattan Beach
Hermosa Beach
Palos Verdes


 
A) Want to know how much your home is worth? Reach out and I will do a comprehensive price analysis for you or click here.

B) Want to know how much home you can afford? I work closely with an amazing in-house lender who works wonders. I recently helped a family purchase a $400k home with just $14k as a down payment. I like this mortgage calculator too.

C) Looking at 1031 exchange options? What about investing in the Qualified Opportunity Zone instead which will wipe out all your capital gains in 10 years and you can keep your initial investment unlike a 1031 exchange.


D) Got some commercial opportunities you need representation on? I have an amazing team that will cater to all your needs no matter how big or small they may be.

E) Looking to grow your wealth in other areas than real estate? Greg Brown at Monarch Capital Group focuses entirely on the financial security of his clients
and I highly recommend his services. Tell him I sent you.

If you know anyone whose looking to buy or sell let me know as I'd love to help them and be their go to resource for any questions they might have. We have been voted the best Real Estate Company in Southern California 8 years in a row so they'll be in very good hands. No job is too small. Want me to help you move your couch? Just ask.
What in the world can I do for you today?
323.350.5770

Leave a Comment