If Old Torrance isn’t right for you and you need beach breezes and sand between your toes…..610 The Village might just be the ideal fit. Located in The Village Redondo Beach, this fantastic studio condo enjoys a multitude of upgrades, a wonderful ocean view, and community ammenties to enjoy the vacation lifestyle. Enjoy the best of beach living at an affordable price and live that ocean view lifestyle you’ve dreamed of.
Just as every community is different…..every home buyer is different as well. A recent survey provided some insight into California home buyers. Find out if Old Torrance is the right neighborhood for you to purchase your home.
Here’s some of what home buyers look for when choosing a neighborhood.
- 25% wanted a home close to friends and family
- 24% wanted a short commute
- 20% wanted homes in a specific school district
See the chart below for some other important details when choosing a neighborhood.
If you think you can’t sell your Old Torrance home and buy something elsewhere due to your property taxes going up, we have information that might really help.
PROPOSITIONS 60 and 90 are Constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. They were enacted to encourage a person, age 55 or older to “move down” to a smaller residence. When a senior citizen acquires a replacement property worth less than the original property, he/she will continue to pay approximately the same amount of annual property taxes as before.
Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance.
How Do These Propositions Work?
If he/she qualifies, when the senior citizen purchases or constructs a new residence, it is not reassessed. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originallyrequired that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Los Angeles County enacted an ordinance to provide that when the replacement is located in Los Angeles County, the original property may be located in any other California county.
The seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale.
When Are These Propositions Effective?
The replacement residence must have been purchased or constructed on or after November 5, 1986 if the original was located in Los Angeles County. The replacement residence must have been purchased or constructed on or after November 9, 1988 if the ongmal was located in any other California county. Claims must be filed within three years following the purchase of the replacement residence.
Were Are Claim Forms Available?
Forms are distributed at Assessor’s public counters, in Room 225 of the Kenneth Hahn Hall of Administration, and in district offices. If you need additional information, call (213) 893-1239. The forms may also be available online at the various county assessors websites.
Counties Accepting Prop 90 Transfers:
As of November 7, 2018, the following ten counties in California have an ordinance enabling the intercounty base year value transfer:
Owning a home has so many benefits that it’s hard to argue against the merits. While every owner has different reasons and some are more important to one homeowner than another, there’s no lack of great reasons….
Here are just some of the benefits:
- Happiness. While some investors might think this is frivolous, you simply can’t understate how important this is. The feeling of owning your hown home is unlike anything else people own. It’s yours and it’s simply not the same thing as renting. You can fix it up, you can spend your time gardening or mowing the lawn, you can fix it up….knowing that….it’s yours.
- Tax Savings: Home ownership has long been a goal for buyers and the government alike. The government rewards homeowners by providing excellent tax benefits. Interest paid on your mortgage and other home related expenses can often be deducted, there are huge capital gains tax exemptions when you sell (primary residence) and more
- Appreciation: Home values have a welll documented history of going up over time. While there may be temporary dips in the market, there’s no question that home values go up in the long term. The increase becomes equity you can benefit from when you refinance or sell.
- Equity: Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes towards the principal balance on your loan….meaning each month you own a little bit more outright. This builds your equity and acts as a savings or retirement account. When the home value goes up the equity accrues even faster.
- Education: Research shos that children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
- Community Ties: People who own rather than rent stay in their homes 4 times longer according to statistics. This provide and opportuntiy to get to know you neighbors and connect with you neighborhood and local community.
Reassessment Exclusion for Property Transfer
NO LIMIT IS PLACED ON THE ASSESSED VALUE OF A PRINCIPAL RESIDENCE THAT MAY BE EXCLUDED FROM REASSESSMENT
Collectively, these propositions make it easier to keep property “in the family.” In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment, meaning that property taxes will remain at the current amounts and not step up to the amounts that would be determined by the homes current value. Proposition 193 expands this tax relief to include transfers from grandparents to grandchildren. In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion.Props 58 and 193 are constitutional initiatives that provide property tax relief for real property transfers between parents and children, and from grandparents to grandchildren.
Requirements and Guidelines for Propositions 58 and 193
- The principal place of residence must have been granted a Homeowners’ Exemption or Disabled Veterans’ Exemption before the transfer. This residence need not be the new principal residence of the person that acquired the property.
- No limit is placed on the assessed value of a principal residence that may be excluded from the reassessment.
- In addition to tax relief on the principal residence, you may claim an exclusion on transfers of other real property with an assessed value of up to $1,000,000.00
- The $1,000,000.00 exclusion applies separately to each eligible transferor. A $2,000,000.00 limit applies to community real property of an eligible married couple.
- Transfers by sale, gift or inheritance qualify for the exclusion.
- Transfers between parents and children as individuals, from grandparents to grandchildren as individuals, between joint tenants, from trusts to individuals, or from individuals to trusts may qualify for the exclusion. Transfers from grandchildren to grandparents are not eligible for this tax relief.
- Transfers of ownership interests in legal entities, aside from most trusts, do not qualify for the exclusion.
- A claim must be filed within 3 years after the date of purchase or transfer for which the claim is filed or prior to transfer to a third party, whichever is earlier, or within 6 months after the mailing of the notice of supplemental or escape assessment, issued as a result of the transfer for which claim is filed. Untimely filed claims are subject to certain conditions, i.e., the property must not have transferred or resold to a third party and the claim will only apply to future tax years.
- If reassessment of your property occurs before the approval and processing of your timely filed claim, the reassessment may be reversed. In these situations, a corrected tax bill and/or a refund will proceed.
(Proposition 58) Transfer between Parent and Child Eligibility Requirements:
- The real property must be owned by the eligible transferor who is the grandparent.
- You must be a grandchild whose parents qualify as the deceased children of the grandparents as of the date of transfer, and you must be the decedent’s child.
- You must complete a Claim for Reassessment Exclusion for Transfer from Grandparent to Grandchild form for a gift or purchase of real property from grandparent to grandchild.
(Proposition 193) Transfer from Grandparent to Grandchild Eligibility Requirements:
- The real property must be owned by the eligible transferor who is either the parent or child.
- You must be a parent or child. A child may be a son, daughter, son-in-law, daughter-in-law, stepchild, or child adopted before the age of 18.
- Spouses of eligible children are also eligible until divorce or, if terminated by death, until the remarriage of the surviving spouse, stepparent or parent-in-law.
- You must complete a Claim for Reassessment Exclusion for Transfer between Parent and Child form for a gift of purchase of real property between parent and child.
How do You File for Proposition 58/193 Tax Relief?
Claim forms are available from several sources.
Online Forms are available at the Assessor’s website www.assessor.lacounty.gov
Phone: Call 213.893.1239
What form do I need?
Claim for Reassessment Exclusion for Transfer Between Parent and Child (OWN-88)
1323 Cota, Torrance CA 90501
- 3 bedroom, 1 1/2 bath
- Huge 10,500+ foot lot
- 1,944 Sq Feet
This California Craftsman Executive Home is a magnificent, rare find. Built in 1914 on huge R2 lot near Nativity Church & Triangle Park, one of the most desirable parts of Historic Old Torrance. This 2 story home has fabulous bones & incredibly retains all its Historic charm. The large front porch that tracks the entire width of the house is perfect for sitting on pleasant evenings. Original front door enters into a large living room with large fireplace. The office features the original built-in desk, a coat closet and is accessed through the original pocket doors. The formal dining room has a grand built-in hutch/buffet & wainscoting. A sunny breakfast room is connected to both the dining room & kitchen. The circular downstairs floor plan is great for entertaining with a separate area for the original staircase that wraps through the center of the house. Upstairs are two large bedrooms & another smaller 3rd bedroom. There are 2 separate two car garages in the rear off the alley. Two additional storage rooms are connected to the first garage. Huge 75′ x 140′ lot (10,500 sqft) has endless possibilities including another one story house (Check with City of Torrance Building Dept). Title & Records Search indicate that this house was once owned by Jarred Sidney Torrance. Truly one of Old Torrance’s best properties & a Once-in-a-Lifetime Opportunity to own a piece of local History. To appreciate this house and its craftsmanship you must see it yourself. Contact listing agent Keith Kyle with Vista Sotheby’s International for more information or for a private showing. 310.251.2344