you in the Baby Boom Generation and
looking for a new home?
Well we have some good news for
There was a great article in May
25’s LA Times by writer Patrick
Duffy. Uh, most likely not
the star of “Dallas,” by the way.
If you didn’t happen to catch it,
basically Mr. Duffy was reminding
people of the benefits of
California’s Proposition 60.
a nutshell, Proposition 60 benefits
our citizens who are 55 years and
up. What it does is provide tax
relief to homeowners by allowing
them, with certain restrictions, to
transfer their existing property tax
base to a replacement home of the
same or a lesser value within the
same county if the transactions take
place within a two-year period.
This is great to know! So many
Boomers are looking to down-size
after raising their families,
retiring, etc. but continue living
in homes they no longer want or need
because the increased tax liability
that a home at today’s current
pricing will have makes it difficult
It’s wonderful to know that a new,
more appropriate home can be
purchased and you can still pay the
low property taxes that you were
paying in your prior home.
Like all good deals, there’s some
“fine print” to be mindful of. For
starters, you can only exercise this
benefit once, so choose your new
home wisely. Second, your new home
must be built or bought within two
years of your first home being
sold. Third, there’s a bit of
paperwork involved, so be sure and
use a realtor who’s familiar with
this process. We at
REALESTATE-SANTAMONICA.COM are more
than happy to lend a hand.
if increased tax liability has kept
you from the new home of your
dreams, we hope this little bit of
information has been helpful.