Asked by Ak, Chino Hills, CA • Sun Mar 16, 2008
I am about to turn 55 and live in Chino Hills, CA. and own a 5 bed 3 ba house in Chino Hills, CA. and would like to downsize. I have always planned on retiring in Newport Beach / Costa Mesa or similar area. Currently my house is most likely worth around $650K after a high of $800K. I can afford a smaller house in that price range if I sell this one which should not be a problem, however I canâ€™t afford the property taxes of a $650K house. Right now I pay about $5K a year in property taxes, a simple sell and repurchase would almost triple that to $12K. Every one is focused on mortgage problems, I donâ€™t have that problem. I along with many other seniors would sell and move if the property taxes were reasonable. Any idea on how I can move and keep my property taxes in the same general range? Even deeding the home to the state after we die to take their cut or similar ideas as I wonâ€™t have heirs would be fine.
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