Home Buying in California>Question Details

Pam Winterba…, Real Estate Pro in Danville, VA

Buying Up and Keeping Your Tax Base

Asked by Pam Winterbauer, Danville, VA Tue Aug 7, 2007

I understand that C.A.R. is attempting to write a bill that will allow seniors to sell their home and buy up in price and still keep their tax base. There would pay increased taxes on the difference.

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Tricky issue. With budgets being stretched thin, this is not in the best interest of municipalities. Obviously good for seniors in high priced communities looking to get to less exsensive locations. I don't think there is enough political might behind this issue. Having more reciprocal counties would be best. Especially without the "buy up" provision that exists now.
0 votes Thank Flag Link Sun Aug 12, 2007
Mario Pinedo,…, Real Estate Pro in Cupertino, CA
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I am aware of the current legislation. It came to my attention that C.A.R. was working with lobbyists to ake a change in the law as so many seniors are sitting on their properties as it is difficult to retire as many of the counties are not recipical. Some seniors would like to move to areas that are more costly than where they live to find warmer climate.
0 votes Thank Flag Link Tue Aug 7, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
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Currently seniors can purchase 105% of current property and keep the same tax base if it is located in a city that allow the transfer.
0 votes Thank Flag Link Tue Aug 7, 2007
I believe what is C.A.R. is working on is increasing the reciprocating counties (prop 90) throughout California.
0 votes Thank Flag Link Tue Aug 7, 2007
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