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PROP 60 and it's effect on Santa Monica Real Estate

Are you in the Baby Boom Generation and looking for a new home? 
Well we have some good news for you.   

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.

In 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 to afford.

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. 

So if increased tax liability has kept you from the new home of your dreams, we hope this little bit of information has been helpful.


 


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