From our family to yours we wanted to wish you a very happy holiday and wonderful new year. We wanted to thank your clients, family, friends and colleagues for making this another great year.
Old Torrance Market Update
The number of listings is up and sales are down.
Is this the normal December slowdown or is the market shifting? We’ve now seen three straight months of the number of active listings on the rise and the number of sales on the decline.
Happy holidays from our family to yours. We wish you a very happy holiday season and a wonderful 2019.
| 4 Landscaping techniques to impress home buyers and make your home stand out.
Add Some Color
Plants and flowers can give your homes a more welcoming appeal. Don't forget that the curb appeal is the first thing buyers see when they arrive and the last thing they see when the showing is over. Adding some color greatly improves the curb appeal.
Mulch to make it look fresh
Use Decorative Architectural Elements
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: