Profile.

  • Clients

    The Mckinleys

  • Location

    Little Italy

  • Necessities

    Sell large empty nest

    Find urban condo that matches lifestyle

  • Days in Escrow

    35 Days

  • Obstacles

    Selling family home contingent on finding replacement property in a tight market. Additionally, the purchase of the replacement property had to be at or below the cost of the primary residence sold to be able to qualify for Proposition 60 benefit of transferring current property tax assessment.

Their Story.

One of the major objections and concerns many empty nesters have about selling their large home and downsizing is the impact on property taxes. In California, property taxes are reassessed at purchase (per prop 13) and property taxes increase according to the newly assessed value which typically fall in line with market values. Many individuals shy away from selling because of the potential increase in annual cost in taxes – letting their equity sit.

What many don’t know is that in California, we have Propositions 60 and 90 which allow persons 55 years of age or older to be able to sell their current primary residence, purchase a new primary residence ( of equal or lesser value) and take their current tax assessment with them – allowing them to keep the same tax base and save money!

Prop 60 allows individuals to transfer their tax assessment within their same county and Prop 90 allows for inter county transfers of tax assessment (note: not all California counties participate and the approval of transfer by participating counties is at the county’s discretion) . These propositions are a great benefit for seniors to take advantage of to make the downsizing move and enhance their lifestyles.

The McKinleys took advantage of proposition 60. They sold their huge suburban home in the high $500k’s subject to purchasing a replacement property. They bought a luxury downtown condo in the mid $550ks and qualified  for the benefit of Prop 60, and instead of their annual property taxes hovering in the $7,500 range – we were able to keep their current tax assessment and save an excess of $4,000 annually! That’s a huge savings!

This type of move is not for everyone, but I highly recommend using the benefits of props 60 or 90 for seniors who find themselves in a huge empty nest that has become a burden to maintain.

Miguel Contreras

How Can We Help You?

Let’s Chat

We love to help in anyway we can!

Set An Appointment Today.


SUBSCRIBE FOR TIPS ABOUT HOME BUYING & SELLING

This contact form is deactivated because you refused to accept Google reCaptcha service which is necessary to validate any messages sent by the form.

Get in Touch

Company

About us

Meet the Team

Contact

Jobs

Agent Prolific Logo
Broker logo

Dominion West Properties CA DRE #01872063

Miguel Contreras CA DRE #01443317

Copyright © 2019 Agent Prolific. All Rights Reserved.

Copyright © 2019 Dominion West. All Rights reserved. Dominion West, Dominion West Capital, Dominion West Financial and affiliated entities independently owned operated. The Dominion West ® name and symbol are service marks of Dominion West Properties, Inc. CalDRE: 01872063 Equal Housing Opportunity