Senior Living Resources in Contra Costa
The vast majority of seniors are homeowners. AARP estimates that of the 83% of seniors who own their homes, nearly three million of them will change residences in the next two years. These prospective clients need someone who can advise them on the best way to maximize their equity and plan for the future.
To better serve her clients, Catherine Myers has proudly earned the prestigious SRES designation. From SRES:
“Seniors Real Estate Specialists are REALTORS® qualified to meet the special needs and concerns of maturing Americans. By earning the SRES designation, your REALTORS® has demonstrated necessary knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTORS® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.”
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As you near retirement you may be thinking of downsizing, or living your dream in a golf or active adult community. As part of Catherine’s relocation program, she can match you to a Realtor in any other area of the country you may be interested in. Just ask for a relocation packet for that area. Our dedicated professional colleagues in other areas of California and in areas such as Florida, Arizona, North Carolina, Kentucky, Tennessee, Texas, New Mexico and other popular retirement states, are ready to serve you.
Proposition 60 and Proposition 90
Here in Contra Costa County, do you know about Proposition 60 and Proposition 90? If you are over 55 and thinking of moving, you need to know about Proposition 60. Typically when a person buys a home, the property taxes are reassessed based upon that new purchase price. It sure discourages some people from making that move if you’ve been in your home a long time. Proposition 60 allows you (within certain guidelines) the ability to transfer your current tax basis to your new house. How cool is that? Just think, capitalize on all that appreciation we’ve seen in our area – buy your dream retirement home, possibly no or low mortgage, low taxes and now your only care in the world is your golf score. Well so what are the parameters?
- You must stay in Contra Costa County (** see below for the few counties that reciprocate and participate in Proposition 90)
- You must purchase or construct a home worth equal or lesser value than the original property (sometimes hard to do in our area to be sure). In general, “equal or lesser” than market value of a replacement dwelling has been defined as: 100% of market value of original property as of its date of sale if a replacement dwelling is purchased before an original property is sold; 105% of market value of original property as of its date of sale if a replacement dwelling is purchased within one year after the sale of an original property; 110% of market value of original property as of its date of sale if a replacement dwelling is purchased within two years after the sale of an original property.
- The original property must be sold for consideration and eligible for reassessment upon transfer(i.e. no giving it or transferring to family members), must be an “arms-length” transaction. In the words of the tax assessor’s office: “The sale of the original residence must qualify for reassessment as the result of its transfer.”
- At least one person on title needs be over 55.
- Relief under this proposition may only be used once. Disclosure of your social security numbers is required so that the county may track your exemption and prevent uses in multiple counties.
**A related proposition (90) allows you to move outside of Contra Costa County. Only 8 California counties participate in this – only Alameda, Los Angeles, Orange, Santa Clara, San Diego, San Mateo, Ventura and El Dorado. Definitely some promising destinations within those counties. Think Somerset in Brentwood, Rossmoor in Walnut Creek; Serrano Country club and more in El Dorado Hills! But no, for you out-of-towners, Prop 90 was repealed in Contra Costa in the 1990’s so you cannot transfer your tax base year value TO Contra Costa.
See the Contra Costa County Tax Assessor Web site for more information.
Also, the State Board of Equalization has a large database of FAQ’s regarding proposition 60 and proposition 90. Prop 60/90 Transfer of base year value
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