Property tax savings with Prop 60
Prop 60
If either spouse is over age 55 (when the old home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value (but see below) within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before ‘taints’ both spouses. For example, you can sell your $1,000,000 San Francisco home [assessed value $80,000] and move to another home or condo in for under $1,000,000 purchase price within San Francisco and your assessed value will remain at the $80,000 assessment level!
In past times, many counties allowed for Prop 60 property tax transfers from one county to another county. However, due to to the scarcity of tax dollars, most counties no longer cooperate with Prop 60 transfers from other counties. San Francisco only allows for Prop 60 transfers for residents within San Francisco county.
San Francisco Market Meltdown??
What is going on with the San Francisco Real Estate market?
“Market Meltdown” or “Wizard of Oz”
Recent headlines read “Grim forecast for economy and housing.” Inset with another smaller headline “Best in 5 months-Payrolls add 166,000 jobs in October”. Talk about schizophrenic reporting.
Many of us in San Francisco are confused by these contradictory headlines. We ask, “What is the truth…Is the San Francisco housing market really in trouble?” For me, I wonder if some of the pompous media protagonists of “doom and gloom” have been hanging out with Dorothy of “Wizard of Oz” fame somewhere in Kansas. Perhaps they don’t even live in San Francisco. Perhaps they are confusing our real estate market with the subdivisions of Iowa? To these columnists, I say, “But Dorothy…San Francisco is a LONG ways from Kansas.”
Let’s face it. The San Francisco market has its ups and downs. But long term, San Francisco real estate still out performs most other commodities for the best return on investment. The San Francisco market has survived fires, earthquakes, recessions, depressions, dot.com bombs and inflationary times. We have survived mayors, supervisors, and the rent board. If you doubt our ability to withstand the present market conditions then ask yourself, “What did I pay for my property? Then ask yourself, “What is my property worth now?” And if you don’t know, then pick up the phone and call me. I can provide you an experienced, comprehensive analysis of all your real estate options!
-
Tom Carlson
- (415)518-0671
-
Testimonials
You are not only professional and knowledgeable but honest and sincere. Also, Friendly comes to mind. We feel like we have a new Friend. Did I mentioned hard working and devoted. Think I covered all the positive. Is there anything negative? NO!!
Jeanette & Ron B.
Homebuyers and Real Estate Investors -
Recent Posts
-
Categories
