Save on moving if over 55 years old - Riverside now part of Proposition 60.

Proposition 60 offers Californian's over the age of 55 tremendous benefits when selling and buying a home. Find out how Prop 60 can provide you with a lower tax base on your new home.

What is Prop 60?

Proposition 60 is a constitutional amendment that provides property tax relief under certain circumstances. Essentially, allows qualifying property owners to replace their primary residence with a new home of equal or lesser value and maintain their same tax base. With Prop 60, what is transferred is the Proposition 13 or “base year value” of the old home, which can be substantially less than the current market value of either home.

Both the original home and the new home must be located in the same county. Both the original and replacement properties must be your primary residence. Both properties must be eligible for the Homeowners’ Exemption or Disabled Veterans’ Exemption. The seller or spouse residing in the home must be at least 55 years old when the original property is sold. The replacement home must be of equal or lesser value than the current market value of the original home. Purchase or completion of construction of the replacement property must be completed within the two years of the sale of the original property. Application for tax relief must be filed within 3 years of the purchase (or completion of construction) of the new home. This is a once in a lifetime benefit. Neither spouse can file again.

How do I file for Proposition 60 tax relief?

Contact your county assessor’s office. The assessor will determine if the transaction qualifies and provide you with claim forms.

What is Proposition 90?

Proposition 90 is an amendment that permits the property owner to carry the benefits of Prop 60 throughout California. Each county in California has the option to accept tax base transfers from other counties, allowing qualifying homeowners more flexibility when planning a move. Currently there are only 7 counties in California that accept Prop 90. These counties include Los Angeles, Orange, Ventura, San Diego, Alameda, San Mateo and Santa Clara. Just added "Riverside".

If you think either might be something that will work for you, please consult your tax advisor or your county assessor for details. More Information on Prop. 60/90

Where Prices are Headed over the Next 5 Years?

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

• Home values will appreciate by 4.5% in 2014.
• The average annual appreciation will be 3.94% over the next 5 years
• The cumulative appreciation will be 19.7% by 2018.
• Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of almost 11% by 2018.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.


Provided by KCM