For those who are at least 55 years old and are buying a home in San Diego County in which you will reside, you can bring your previous property-tax basis with you! Here is the San Diego form - they vary by county: Claim for Transfer of Base Year Value to Replacement...
Doubling in eight years, the number of local homeowners who have at least 50% equity is impressive. Those who are 55+ and anxious to take their property-tax basis with them to their new home can feel free to list their existing home for sale NOW, and close after April...
Jordan works for the county and answered questions about Prop 19 in this interview here: https://www.facebook.com/SanDiegoUnionTribune/videos/4210256878986440 A few highlights: If you transfer ownership to your kids by February 15th through a grantor trust or...
Prop. 19 will reduce or eliminate some generous tax breaks that families get when property is transferred between parents and children. But it won’t change the rules for trusts themselves. Some transfers are exempt from reassessment. Transfers between spouses are...
The key components of Prop 19: Now, older homeowners (55+) can take their old property-tax basis with them when they buy a more expensive home anywhere in the state — up to three times. Homeowners with disabilities will be able to do the same, plus victims of...
The Proposition 13 Tax Transfer Initiative will be on the ballot in November. If passed, it will give those 55 and older the ability to take their old property-tax basis with them, no matter (a) the new home's market value; (b) the new home's location in the state;...
Daytrip sent in this article (link below) on baby boomer sales, and how the transfer of homes from parents to children are likely to dampen the supply of homes for sale - and somewhat limit the property-tax receipts: LATimes.com But then I went to the actual report...
Once home values started declining, the San Diego County tax assessor started revising downward the assessed values of properties bought during the peak era. Many were a results of requests made by homeowners, but the assessor's staff also revised some voluntarily. ...
From the City News Service - seen at Encinitas Patch: The deadline to ask for a property value reassessment is April 30th, San Diego County Assessor Ernie Dronenberg noted Monday. Property owners who believe the value of their holdings has dropped below the current...
Hat tip to ProfHoff for sending in this update from sfgate.com: Many California homeowners may be surprised to learn that some charges on their property tax bills are not deductible on their income tax return. The Franchise Tax Board is on a mission to get California...
