| Tax Advantage for Homeowners 55+ from Proposition 60 |
Proposition 60 Tax Basis Relief:
Are you 55+??
Would you be interested in down-sizing to an easier-to-care-for home and property,
if you knew you could take your present tax basis with you? |
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Thanks to Proposition 60,
Shasta County residents can do just that.
“California law allows any person who
is
at least 55 years of age, or any severely
and permanently disabled person, to transfer the base year value from an original to a replacement property.” ** |
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Here’s how it works:
• You must be 55 years of age or older or severely and permanently disabled
• The original property must have been owned and occupied as the claimant’s principal residence.
• The replacement property must be owned and occupied as the claimant’s principal residence.
• Both original and replacement properties must be located in Shasta County.
• The replacement must be equal or less than the market value of the original property.
• The original property of the claimant must be sold prior to making a claim for this exclusion.
• The replacement residence must be purchased or newly constructed within 2 years of the sale |
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of the original property. |
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| • Application must be made within 3 years of the date the replacement property was purchased. |
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For more information, click on the following link to connect directly to the Shasta County Tax Assessor’s website information on Proposition 60.
Call me if you would like to take advantage of this wonderful provision. This is a great time to consider this opportunity because many replacement properties are available
at reasonable prices. Finding one to suit you that meets the criteria will be much easier than a couple of years ago.
I would be glad to evaluate your current home’s market value and give you ideas of
how to make your home more marketable. Having a professional market your home
in this market is especially important.
Perhaps you would like to have a preview of some homes for sale in the area. If so,
I would be glad to arrange some showings or mail or email you listings of interest.
Serving your real estate needs with precision and enthusiasm, |
Dianne Turney The Real Estate Group
Give me a call today at 530-604-2516 |
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| **from Shasta County document at: click here to view document. Go to the document entitled “Base Year Value Transfer for Persons Age 55+ The Severely and Permanently Disabled (Proposition 60)” |
Here is an example of how it could benefit you:
• Existing home purchased in 1975 for $160,000 (Tax Base Year Value $160,000)
• Sell existing home in 2007 for $500,000
• Buy replacement home in 2007 for $480,000 (Tax Base Year Value stays at $160,000)
Keep your taxes low and enjoy a new-to-you, easier-to-care-for home!
Put this little-known proposition to work for you today! Call Dianne Turney 530-604-2516
I specialize in real estate. Please rely on a tax professional for specific questions on how this proposition may effect your tax situation. The foregoing information is current as of 7/2007 and may be changed without notice by the State of California or Shasta County. |
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| Dianne Turney |
telephone
530.226.3148 |
mobile
530.604.2516 |
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