California Proposition 60 and 90: Your Complete Guide

If you live in California and are over the age of 55 you can effectively reduce your property taxes when buying a new home.
In California when you buy a new home your new property is subject to reappraisal and therefore a new base tax value. Since real estate historically appreciates over time, your new base tax value will increase and therefore your property taxes will also increase.
Especially for older people whose income either diminishes or becomes fixed, this makes it difficult to buy new property because of new higher property tax burdens. It was in this spirit that Proposition 60 was passed in 1986 and Proposition 90 followed in 1988.
New Higher Property Tax Burdens Make It Difficult to Move
 
For example, imagine you bought a property 20 years ago at $200,000. At an estimated 1.25% effective tax rate your property taxes were $2,500 annually, an affordable amount at the time. Click here for details about
Proposition 13 allows the county assessor to increase the assessed value of your property by no more than 2% annually. Assuming they do, your current assessed value today would be $291,362 thereby making your current tax burden $3,642 annually.
Now, let’s say you decide to sell your property which is now worth $650,000 and downgrade to a new property at $500,000. Your new home would be subject to reappraisal and your new property taxes would now increase to $6,250 from $3,642!
For many, the new tax burden makes it nearly impossible to move later in life when income is no longer growing.
Proposition 60 Is Here to Help!
Proposition 60 allows you to transfer your current property’s assessed value into a new replacement property. In other words, you would be able to buy a new property, yet still pay the same property taxes you pay on your current property.
This tax benefit results in thousands of dollars of savings; but not everyone will qualify.
Proposition 60 Requirements
While Proposition 60 allows you to sell your current property and transfer its current assessed value into a new property, there are conditions you need to be aware of:
  1. You or your spouse must be at least 55 years of age when the original property was sold.
  2. The original property and new property must be within the same county.
  3. You can only use the transfer once in a lifetime.
  4. The new replacement property must be of equal or lessor value than the original property sold.
  5. The replacement property must be built or bought within 2 years of selling the original property.
  6. Your original property must be your primary residence and have been eligible for the homeowners’ exemption or disabled veterans’ exemption.
  7. Your replacement property must be your primary residence and must be eligible for the homeowners’ exemption or disabled veterans’ exemption.
Proposition 90 Expands Proposition 60
Proposition 60 only allows you to transfer your base tax value within the same county (intra-county).
Proposition 90 allows you to transfer your base tax value from one county to another (inter-county), however only at the discretion of each county.
As of November 20, 2014 only ten counties have an ordinance allowing for inter-county transfers:
1. Alameda
2. El Dorado
3. Los Angeles
4. Orange
5. Riverside
6. San Bernardino
7. San Diego
8. San Mateo
9. Santa Clara
10. Ventura
Ordinances can be updated by counties from time to time. Be sure to check with your county for the most current information.
Proposition 60 Can Only Be Used One Time, But…
As a person over the age of 55, you can only use the benefits of Proposition 60 and 90 once in a lifetime. However, there is one exception via  Proposition 110 which says if you received relief for age and subsequently became severely or permanently disabled and have to move because of the disability, you may exercise this relief a second time for disability.
Be aware that you cannot use Proposition 110 in reverse, meaning if you received relief for disability, you cannot later receive relief for age.
What Does Equal or Lessor Value Actually Mean?
Generally speaking, the market value of your new replacement property as of the date of purchase must be equal or less than the market value of your original property on the date of the sale.
It also depends on when you purchase the replacement property. Equal or lessor means:
  • 100% or less of the market value of the original property if the replacement property was purchased or newly constructed before the sale of the original property.
  • 105% or less of the market value of the original property if the replacement property was purchased or newly constructed within 1 year after the sale of the original property.
  • 110% or less of the market value of the original property if the replacement property was purchased or newly constructed within 2 years after the sale of the original property.
Market Value Is Not Always the Purchase Price
It’s important to note that market value is not necessarily the same as the sale or purchase price. Instead, the assessor will determine the market value of each property.
According to California’s Board of Equalization, property tax laws typically presume that the purchase price is the market value unless there is evidence that the property would have sold for another price in an open market transaction.
If the market value of your replacement property exceeds the market value of your original property as determined by the assessor, you will not receive relief.
Where to Get More Information About Proposition 60 and 90?
As you can see, Proposition 60 and 90 can grant California homeowners tremendous property tax relief; however there are many requirements and rules to adhere to.  Click here for additional details from the California State Board of Equalization.
By Tim Nguyen
Information provided by:
Matt Goeglein
“I’ll Just Take Care of It.”
Fidelity National Title Co.

Marina del Rey’s Weekend Summer Beach Shuttle To Operate Year-Round

MARINA DEL REY, CA — A free weekend beach shuttle that circles Marina del Rey and Playa Vista during the summer months will now operate year-round, Los Angeles County Supervisor Janice Hahn announced Wednesday.

The shuttle began its traditional summer service early this year on March 31, but the Board of Supervisors on Tuesday approved a new contract that will keep the buses running throughout the year.

“Our beaches operate year-round, why shouldn’t our beach shuttle?” Hahn said. “I encourage everyone to jump on board the beach shuttle next time you’re in the Marina Del Rey area. It’s fast, it’s free and it will take you where you need to go.”

The shuttles run roughly every 30 minutes on a circular route from Playa Vista, around the marina to the Washington Boulevard pier. The service runs from 10 a.m. to 10 p.m. Fridays and Saturdays and 10 a.m. to 8 p.m. Sundays and holidays.

The Marina del Rey Waterbus will continue to operate only during summer months, running Thursday through Sunday. This year’s service is scheduled to begin June 22 and end Sept. 4.

City News Service, photo via Shutterstock

All information obtained from https://patch.com/california/marinadelrey/marina-del-reys-weekend-summer-beach-shuttle-operate-year-round

E-Waste Recycling Fundraiser For LAPD Cadet Program, Pacific Area

Gather all your old cell phones, tablets, laptops, tv’s, monitors, smart phones, printers
and all e-waste and bring it all to our e-waste recycling fundraiser,
hosted by the Pacific Area Boosters Association.

All Proceeds To Benefit the LAPD Cadet Program, Pacific Area,
A Leadership Program for Students, Ages 9 –12.

DROP OFF LOCATION:
LAPD Pacific Station
12312 Culver Blvd, Los Angeles, CA 90066

SATURDAY,  APRIL 15TH
7:30 AM – 2:00 PM

CERTIFIED DATA DESTRUCTION SERVICES AVAILABLE

Be Prepared for Buying or Selling

With Spring now here the housing market is in full bloom! Each year about 40 percent of real estate transactions occur between May through August. Here is a checklist to make sure you don’t miss anything when preparing to sell or buy.

When You Are Ready to Buy:

Buying a house is mostly likely the biggest financial undertaking of your life. Whether you are experienced in home buying or not, tackle the following prep work:

When Selling:

 

  • Clean, de-clutter and get your home show ready. First impressions are important.
  • Take inventory of everything that needs to be fixed and start knocking it out
  • Review comparable properties in the area and decide on an appropriate price

 

Spring Break is here! Check out this fun list of fantastic things to do in Venice, California

No trip to Venice is complete without visiting each of the listed attractions and unique neighborhoods that make up our city!   Check out VisitVeniceCA.com for all fun things to see and do in Venice, California.

1. Walk and be entertained on the world famous VENICE BOARDWALK. Artists, street performers, shopping, souvenirs Venice Beach Freakshow, tattoos, bars and restaurants.

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2. Have a beach day at VENICE BEACH. Surf, swim, bodyboard and splash around in the Pacific Ocean. Go for a deep sand run, sunbathe, relax, build a sand castle, and keep an eye out for dolphins. Volleyball courts also available.  Beach Accessories & Skate/Surf Rentals & Lessons at MAUI AND SONS.  1415 Oceanfront Walk. MauiAndSonsRetail.com 310-392-6284 E4 23 Washington Blvd, (By the Venice Pier)  (310) 823-5850

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3. Cruise the 22 mile ocean front BIKE PATH. No pedestrians allowed.   Bike, Blades, Skates, Surf, Boogieboards & Skateboards Rentals /Lessons at JAY’S RENTALS.  1501 Oceanfront Walk JaysRentalsVB.com 310-392-7306

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4. Play or train at the VENICE RECREATION AND PARKS CENTER.  Attractions: Muscle Beach Gym, Basketball, Handball & Paddle Tennis Courts, Kid’s Play Areas, Boxing, Gymnastics Area, Skateparks, & more. Showers available.

5. Train or pose down at the iconic MUSCLE BEACH GYM. Outdoor gym and Bodybuilder Hall of Fame. $10 day pass. Fuel up at Muscle Beach Juice Bar! View list of Venice training facilities and workouts!

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6. Go to the SKATEPARK! 27,000 sq. foot park. 2 bowls, snake run, rails, stairs.

7. Let the kids run free at the PLAY STATIONS. Located on the beach.

8.  Have a cocktail at HIGH ROOFTOP LOUNGE!  Full bar atop Hotel Erwin overlooking the Pacific Ocean and Venice!  High is the premiere Venice Beach open-air rooftop lounge, where the nightly sunset is the main event.

9. Dance at the DRUM CIRCLE or ROLLER SKATE PLAZA. Sat. & Sun.

10 . Take the SELF GUIDED CULTURAL WALKING TOUR. Follow the gold stars on the map to find street art, murals, poetry walls, Venice Art Walls, theaters, & galleries.

11. Grab a selfie or family portrait under the iconic VENICE SIGN.

12. Visit the historic WINDWARD AVE for the Venice Sign, Kinesis & Touch of Venice murals. Check out HAMA SUSHI!  Hama was founded in 1979 and was one of the first authentic Japanese sushi restaurants in the United States.   Hama also serves as an art showcase for local artists and shows surf movies during the evening.  Visit the Hama-Wood patio bar “Shot-In-Venice” Film Posters, and their “Venice History” Dining Room and Sushi Bar.

13.  Stroll ABBOT KINNEY BLVD. This trendy boulevard, named for the city’s founder, is full of boutiques, restaurants, bars, nightlife, and beautiful people.

14.  Hang out at WASHINGTON SQUARE. Outdoor patios: Simmzy’s, Cabo Cantina or Cow’s End Cafe (Internet cafe). Steps from the Venice Pier & Venice Canals.

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15.  Enjoy a leisure stroll on the VENICE CANALS.  The streets in Venice were once canals laid out by city founder Abbot Kinney to be a miniature Venice, Italy.

16.  Walk the VENICE PIER for breathtaking coastal views, watch the surfers in action, or go fishing. 1,300 foot pier was built in 1963.

17. SURF all day!

18.  View a list of the BEST VIEWS OF VENICE

19.  Be inspired at the Beyond Baroque POETRY WALLS  The words of Jim Morrison of the Doors, Manazar Gamboa, Philomene Long,  Exene Cervenka of the Punk Rock band X, actor Viggo Mortensen, and others are engraved in the concrete walls of the LAPD substation and three public restrooms exterior shower walls.

20.  Keep your eye out for these amazing VENICE MURALS.

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21. Check out or paint the VENICE ART WALLS  These historic walls were originally part of the Venice Pavilion that was built in 1961. In 2000, it became legal to paint the walls and the area was renamed the Venice Graffiti Walls.   In 2007, the walls were renamed the Venice Public Art Walls or the Venice Art Walls for short.

23.  Take your dog to the off-leash DOG PARK!  Get treats at Bruno’s.

28. Outdoor patios: The Sidewalk Cafe, On the Waterfront Cafe, Dudley, High Rooftop Lounge, Barlo, James’ Beach, Hama Sushi, Poke-Poke, Simmzy’s, The Cow’s End Cafe, and Jody Maroni‘s.

29. Check out or paint the VENICE ART WALLS  These historic walls were originally part of the Venice Pavilion that was built in 1961. In 2000, it became legal to paint the walls and the area was renamed the Venice Graffiti Walls.   In 2007, the walls were renamed the Venice Public Art Walls or the Venice Art Walls for short.

30.  Hungry?  DINE AND DRINK locally at these fine establishments.   James’ BeachBarlo Kitchen and Cocktails, High Rooftop Lounge,  Sidewalk  Cafe, Canal Club, The Dudley Market,  Hama Sushi, Sunny Spot,  Cabo Cantina, Simmzy’s, or Tony P’s Dockside Grill.

32. Check out this list of cool Venice Hotels!

ADDITIONAL THINGS TO DO!

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All information obtained from http://www.venicepaparazzi.com/2017/03/08/venicebeachfun-3/

The Best Public Schools In California For 2017

The rankings were released this week. See how your child’s school performed.

Here Are The Best Public Schools In California For 2017

BEVERLY HILLS, CA — With all the attention on public education of late because of the contentious confirmation fight of Betsy DeVos as secretary of Education, this report card on California public schools couldn’t come at a better time.

The list of the best public schools in California was compiled by Niche based on criteria such as academics and outcomes. Most areas of the state can claim bragging rights with schools in the top 10 spots.

Niche, a website for researching schools, used a variety of factors including SAT/ACT scores, student-teacher ratio, the quality of colleges students consider and reviews from students and parents for its ranking.

Here is the rankings of the Top 100 Public High Schools in California:

  1. Henry M. Gunn High School, Palo Alto, CA
  2. Troy High School, Fullerton, CA
  3. Miramonte High School, Orinda, CA
  4. Saratoga High School, Saratoga, CA
  5. Palo Alto High School, Palo Alto, CA
  6. Palos Verdes Peninsula High School, Rolling Hills Estates, CA
  7. Canyon Crest Academy, San Diego, CA
  8. Los Altos High School, Los Altos, CA
  9. Redwood High School, Larkspur, CA
  10. Westview High School, San Diego, CA
  11. Carmel High School, Carmel, CA
  12. Mountain View High School, Mountain View, CA
  13. Lowell High School, San Francisco, CA
  14. Northwood High School, Irvine, CA
  15. Granada Hills Charter High School, Granada Hills, CA
  16. Aragon High School, San Mateo, CA
  17. California Academy of Mathematics & Science, Carson, CA
  18. Torrey Pines High School, San Diego, CA
  19. Orange County School of the Arts, Santa Ana, CA
  20. Burlingame High School, Burlingame, CA
  21. Del Norte High School, San Diego, CA
  22. Los Gatos High School, Los Gatos, CA
  23. San Mateo High School, San Mateo, CA
  24. Amador Valley High School, Pleasanton, CA
  25. Campolindo High School, Moraga, CA
  26. Oak Park High School, Oak Park, CA
  27. San Marino High School, San Marino, CA
  28. Lynbrook High School, San Jose, CA
  29. University High School, Irvine, CA
  30. Arcadia High School, Arcadia, CA
  31. Coronado High School, Coronado, CA
  32. Redondo Union High School, Redondo Beach, CA
  33. Corona Del Mar High School, Newport Beach, CA
  34. Dougherty Valley High School, San Ramon, CA
  35. Albany High School, Albany, CA
  36. Piedmont High School, Piedmont, CA
  37. Santa Monica High School, Santa Monica, CA
  38. Cupertino High School, Cupertino, CA
  39. San Dieguito High Academy, Encinitas, CA
  40. Tamalpais High School, Mill Valley, CA
  41. Carlmont High School, Belmont, CA
  42. Sir Francis Drake High School, San Anselmo, CA
  43. Granite Bay High School, Granite Bay, CA
  44. Arnold O. Beckman High School, Irvine, CA
  45. Hillsdale High School, San Mateo, CA
  46. Oxford Academy, Cypress, CA
  47. Woodbridge High School, Irvine, CA
  48. Foothill High School, Pleasanton, CA
  49. Las Lomas High School, Walnut Creek, CA
  50. Whitney High School, Cerritos, CA
  51. Pacific Collegiate Charter School, Santa Cruz, CA
  52. Foothill Technology High School, Ventura, CA
  53. Palos Verdes High School, Palos Verdes Estates, CA
  54. Davis Senior High School, Davis, CA
  55. Crescenta Valley High School, La Crescenta, CA
  56. Los Alamitos High School, Los Alamitos, CA
  57. Berkeley High School, Berkeley, CA
  58. La Canada High School, La Canada, CA
  59. Westlake High School, Westlake Village, CA
  60. South Pasadena Senior High School, South Pasadena, CA
  61. Los Angeles Center for Enriched Studies, Los Angeles, CA
  62. Santa Susana High School, Simi Valley, CA
  63. Acalanes High School, Lafayette, CA
  64. University Preparatory, Redding, CA
  65. University High School, Fresno, CA
  66. Mira Costa High School, Manhattan Beach, CA
  67. Mt. Carmel High School, San Diego, CA
  68. L.A. County High School for the Arts, Los Angeles, CA
  69. Diamond Bar High School, Diamond Bar, CA
  70. Oak Ridge High School, El Dorado Hills, CA
  71. Rancho Bernardo High School, San Diego, CA
  72. Mills High School, Millbrae, CA
  73. Poway High School, Poway, CA
  74. Menlo-Atherton High School, Atherton, CA
  75. Helix High School, La Mesa, CA
  76. Olympian High School, Chula Vista, CA
  77. Irvine High School, Irvine, CA
  78. Yorba Linda High School, Yorba Linda, CA
  79. Valencia High School, Placentia, CA
  80. Monta Vista High School, Cupertino, CA
  81. University Preparatory Academy Charter School, San Jose, CA
  82. Walnut High School, Walnut, CA
  83. Saint Helena High School, St. Helena, CA
  84. Culver City High School, Culver City, CA
  85. Mission Vista High School, Oceanside, CA
  86. Beverly Hills High School, Beverly Hills, CA
  87. Laguna Beach High School, Laguna Beach, CA
  88. Monte Vista High School, Danville, CA
  89. Temple City High School, Temple City, CA
  90. Mission San Jose High School, Fremont, CA
  91. Homestead High School, Cupertino, CA
  92. Dublin High School, Dublin, CA
  93. Polytechnic High School, Long Beach, CA
  94. Great Oak High School, Temecula, CA
  95. West Campus, Sacramento, CA
  96. San Juan Hills High School, San Juan Capistrano, CA
  97. Leland High School, San Jose, CA
  98. Fountain Valley High School, Fountain Valley, CA
  99. Newbury Park High School, Newbury Park, CA
  100. University City High School, San Diego, CA

Information found on Patch.com

http://patch.com/california/marinadelrey/s/g1buy/here-are-the-best-public-schools-in-california-for-2017?utm_source=newsletter-daily&utm_medium=email&utm_term=schools&utm_campaign=newsletter&utm_content=article-topstories&utm_slot=1

Homeowner’s Net Worth Is 45x Greater Than A Renter’s

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that by the end of 2016, the net worth gap will widen even further to 45 times greater.

The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:

Put Your Housing Cost to Work for You

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:

“Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn’t be overlooked.”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let’s get together and evaluate your ability to buy today!

 Information provided by Matt Goeglin with Fidelity National Title Company.