June 27th, 2020
Realtors putting their money where their mouth is for Palos Verdes Seniors
Most Palos Verdes seniors are aware of Proposition 60 and Proposition 90 In a nutshell, if you’re over 55 years of age, when you sell your home and move to an equal or less value home in the same county in which you sold your primary residence, then you can carry along your property taxes. In addition, should you move out of the county and if the county you’re moving to accepts the transfer, you can bring along your property taxes.
And there’s part of the problem, some counties accept the transfer, and others don’t. Just a few days ago, the California Association of Realtors (CAR) voted to assess each member in the state (about 180,000) $100 to help fun a CAR sponsored ballot initiative for the November 2018 election
The initiate however goes much, much further. And this is something that Palos Verdes seniors will capture huge benefits. The initiative, if passed, would allow “individuals 55 years of age and older to transfer their property tax basis to any home in the state, to purchase any price home, and to transfer their basis as many times as they wish.”
Right now, only eleven of California’s 58 counties will allow a senior from another county to transfer their property taxes. Why is changing this important?
For years now the California real estate market has been hamstrung by an enormous lack of inventory. There’s an artificial stoppage in the market of allowing inventory that normally would come to market. Palos Verdes seniors and other seniors across the state who normally would list their homes, aren’t because they can’t afford to move to the areas they would like to move.
CAR estimates that changing the law would bring about an additional 43,000 home sales.
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