The original master plan envisioned three major business centers in Malaga Cove, Valmonte, and Lunada Bay, with minor business centers in Margate, Miraleste, and Montemalaga. The Lunada Bay Plaza area was originally going to be constructed at Via Mirola and was to be a grand plaza with several large buildings, but was ultimately constructed on a scaled down basis a bit north at Yarmouth Road.
1920's advertisement for Lunada Bay (Picture Courtesy of Palos Verdes Peninsula Library District). Thisd was the original plan for the Lunada Bay Plaza to be built on Via Mirola.
The only business centers originally planned for the Palos Verdes Project which were constructed were at Malaga Cove, Lunada Bay, and Miraleste.
In addition to the early planned districts of Valmonte, Malaga Cove, Margate, Lunada Bay and Miraleste, located in the current City of Palos Verdes Estates,there were several other planned districts, now part of Rancho Palos Verdes, called "Telarana" (near the Point Vicente lighthouse), "Taravel" (near Long Point), "Cabrillo" (near Portuguese Bend) and "Altamira" (near the Peninsula Center shopping center).
MAINTAINING YOUR EXISTING PROPERTY TAX BASIS IF YOU ARE 55 OR OLDER AND SELL YOUR PROPERTY Proposition 60, passed in 1986, and modified by Proposition 90, passed in 1988, allows "qualified" individuals over the age of 55 to transfer the base year assessed valuation from a former residence ("original property") to a replacement residence, of equal or lesser value and that meet other certain conditions. Link: http://www.smcare.org/library/pdfs/Broch-Props_60-90-110_v_BG-PK.pdf which discusses this issue in detail. Effective January 1, 2007, claims must no longer be filed within 3 years, however if the claim is filed after 3 years, relief will be granted beginning with the calendar year in which the claim was filed. In addition, any upgrades paid by the buyer outside of escrow and not reflected in the sales price must now be reported on the Preliminary Change of Ownership Report so as to be included in the determination of the "equal or lesser value" test.
HOMEOWNER'S EXEMPTION ON PROPERTY TAXES If you own a home and occupy it as your principal place of residence on January 1, you may apply for an exemption of $7000 off of your assessed value. This will save you over $70 a year on your property taxes. All you need to do is file a simple one page form with the county tax assessors office. For information click on this link at the L.A. county assessors office: http://www.lacountyassessor.com/extranet/guides/exemptions.aspx . For a copy of the form to be filed you must call the L.A. County Tax Assessors office at (213) 974-3211 and request that a form be mailed to you. The form is not available on the internet. If you do not know if you have a homeowners exemption on file, go to the assessormap link in the first paragraph above, and review the property tax information for your property.
PARENT TO CHILD TRANSFER EXEMPTION Under Propositions 98 and 193, property transferred between parents and children (Proposition 58, effective 1986) and from grandparents to grandchildren (Proposition 193, effective 1996) is not reassessed for property tax purposes. In order to take advantage of this, however, a claim must be filed with the county tax assessors office. The exemption to reassessment is 100% of the assessed value for the parents/grandparents principal residence plus the first $1,000,000 of assessed value for other property transferred. This is, of course, only for California property.See http://www.lacountyassessor.com/extranet/guides/prop58.aspx for additional information on filing this claim. For estate planning purposes, it is important to understand the details of this exemption. For instance, a family home left to several children as tenants-in-common would be eligible, however if some of the children sell their interest to the other child, the property would be reassessed for this interest sold. The exemption is only for parent to child, not child to child. Therefore, it would be advantageous to leave a family home, with a low property tax basis, to one child, and to leave other assets of comparable value to the other children.
DISABLED VETERANS EXCLUSION If you are a California veteran who is rated 100% disabled, blind, or a paraplegic due to a service-connected disability (or if you are the unmarried widow of such a veteran), you may be eligible for an exemption of up to $150,000 off of the assessed value of your home.
BUILDERS EXCLUSION Certain new construction may be excluded from supplemental assessment. The property must be for sale and the builder must file the necessary claim form with the Assessor's Office prior to or within 30 days from the start of construction. If the form is not filed, a supplemental assessment is sent to the builder upon completion of construction.
SEVERELY AND PERMANENTLY DISABLED EXCLUSION A severely and permanently disabled person, who buys a new home, may be able to have his/her old assessed value transferred to the new home. You must file a claim.
DISASTER RELIEF If a major calamity, such as fire or flooding, damages or destroys your property, you may be eligible for property tax relief. In such cases, the Assessor's Office will reappraise the property to reflect its damaged condition. In addition, when you rebuild it in a like or similar manner, the property will regain its pre-damage valuation basis for tax purposes. To qualify for property tax relief, you must file a Misfortune or Calamity Claim with the Assessor's Office within 12 months* from the date the property was damaged or destroyed. In addition, the loss must exceed $10,000* of current market value.
For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes
2) You may select to see a Hearing Officer which expedites the appeal process or you may meet directly with the Appeals Board.
3) Mail the Completed Form to: County of Los Angeles Assessment Appeals Board P.O. Box 53596 Los Angeles, CA 90053-0596
4) The Assessment Appeals Office reviews the application.
5) An appointment card will be mailed to you.
6) The Assessment Appeals Board recommends you attend a Public Education Seminar to help you with the Appeals process
6) Bring relevant evidence to support opinion of value.Hearings are conducted on a first come first serve basis. Feel free to contact me to obtain a current comparative market analysis of your property indicating its current value.
7) If you do not agree with the Hearing Officer's Recommendation, you can request a Board hearing within 14 days of the Hearing Officer's hearing date
8)The Board makes final assessment decision and approves or rejects Hearing Officer's Recommendations.
I would be happy to speak with you regarding the appeals process and to help you present your case for a reduction in property valuation. For more info on the appeals process, go to http://bos.co.la.ca.us/categories/propertytaxappeals.htm#
For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes
Property Taxes in the South Bay of Los Angeles County are computed by the standard 1.0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness, plus direct assessments such as school parcel taxes. Copies of building permits are sent to the Assessor. New buildings, additions, and other structures require an appraisal. Structural repairs and/or replacement are not appraisable in most situations. The assessed valuation of a property may also be decreased for one or more exemptions.
The following is the property tax rates and direct assessments for the cities in the South Bay: of Los Angeles
Palos Verdes Estates: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,400-$1,600 per parcel for such items as school parcel taxes, fire suppression fee, emergency services tax, sewer fees and flood control.
Rancho Palos Verdes: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $700-800 per parcel for such items as school parcel taxes, etc.
Rolling Hills Estates and Palos Verdes Peninsula: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $600-700 per parcel for such items as school parcel taxes, etc.
Rolling Hills: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,700-2,000 per parcel for such items as school parcel taxes, etc.. There is an additional assessment for the Homeowners Association for the City of Rolling Hills of ,2% (two/tenths of one percent) of the assessed value of the property which is billed separately by the Association, with installments due on 12/10 and 4/10. This assessment goes to maintain the private roads, the guard houses and personnel, and other city amenities within this private gated community.
El Segundo: The property tax rate for the fiscal year 2009-2010 is 1.075655% plus direct assessments of anywhere up to about $200-$300 per parcel for other misc. local taxes.
Manhattan Beach: The property tax rate for the fiscal year 2009-2010 is 1.059263% plus direct assessments of approx. $500-700 per parcel for such items as school parcel taxes, etc..
Hermosa Beach: The property tax rate for the fiscal year 2009-2010 is 1.036418% plus direct assessments of approx. $200-$300 per parcel for such items as school parcel taxes, etc..
Redondo Beach: The property tax rate for the fiscal year 2009-2010 is 1.074359% plus direct assessments of approx. $500-$1,600 per parcel for such items as school parcel taxes, etc..
Torrance: The property tax rate for the fiscal year 2009-2010 is 1.075651% plus direct assessments of approx. $300-400 per parcel for such items as school parcel taxes, etc..
San Pedro: The property tax rate for the fiscal year 2009-2010 is 1.220441% plus direct assessments of approx. $100-$200 per parcel for such items as school parcel taxes, etc..
Lomita: The property tax rate for the fiscal year 2009-2010 is 1.179221% plus direct assessments of approx. $400-$500 per parcel for such items as school parcel taxes, etc..
Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.
ACCESSING PROPERTY TAX ASSESSMENT INFORMATION ON PROPERTIES Click the link below to visit the L.A. County tax Assessors office web site. Enter an address (or if an address doesn't work, choose two cross streets near the address) and then click on the map parcel to see that parcel's assessed valuation. Then click on the tab for the 2004-2005 property tax bill. Link: http://assessormap.co.la.ca.us/mapping/viewer.asp
For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes
The Terranea Resort in Rancho Palos Verdes is offering camps for kids in various themes including movie production, video game creation, fencing, and Jedi training. Dates for these camps include the following: 2009 Camps: December 19- 23, December 26-30 (no Jedi or Fencing Camp 12/26-30) 2010 Camps: April 5-9, April 12-16, June 14-18 and June 21-25. The camps include the following:
Movie Production (Grades 7-10) Film camp in California is perfect for anyone interested in making their own movies. Coordinated by Planet Bravo, students work in small production groups to plan, produce, edit and package their own short movies. All students leave camp with a DVD of their movie. Cost: $495 per student.
Video Game Creation (Grades 4-6): Also coordinated by Planet Bravo, this camp teaches students how to make their own interactive video game. In a few simple clicks, they assign behaviors and conditions to their objects, and the game comes to life. All students leave this video game camp with their games online and on a USB drive. Cost: $495 per student.
Jedi Training Camp In partnership with Swordplay Studio in Burbank, Terranea presents Jedi training camp for children ages 4-12. Campers create their own Jedi character and develop their balance and coordination through fun Jedi training games, and lessons in how to wield a light saber. Surprise visits from some of the favorite Star Wars characters, as guest instructors, make this an experience of a lifetime. Cost: $500 per participant.
Fencing Camp Campers are introduced to one of Hollywood's favorite art forms- fencing! Students receive instruction in footwork and technique, take part in fencing drills and games, learn about the history of fencing and even compete in an in-class fencing tournament. Cost: $380 per participant.
A stay at this Southern California resort is not required to participate in the camps and no experience is necessary. A special $195 per room rate will be offered to all participants during the camp dates. Cost for the camps includes a buffet lunch each day. Reservations can be made at http://www.terranea.com/california-family-vacations.php or by calling (310) 265-2800.
The South Bay Galleria Shopping Center, located west of Hawthorne Boulevard and south of 177th Street unveiled plans for a $32 million renovation of the southern part of the shopping center.
The 11 acrea area today is home to the discount Cinema 3 theater, a Bank of America branch and a building that once housed Thrifty Drug and CompUSA stores. A fenced-off dirt lot behind the theater is all that's left to show of an old bowling alley demolished a few years ago. The owner of the center, South Bay Associates, a subsidiary of Galleria owner Forest City Commercial Group, explained that the renovation will include a nearly 110,000-square-foot complex that incorporates three anchor tenants and six to seven smaller retailers.
for Daily Breeze
The company's goal is to start work in the second quarter of 2010 and open the new center in the third quarter of 2011, Lee said.
As the SouthBay South project heads through the approval process, Redondo Beach is eager to see the transformation of another nearby retail site: the large building abandoned earlier this year by the closure of the Expo Design Center.
That tract is owned by Home Depot, which is looking to either lease or sell all of its former Expo properties, a company spokeswoman said.
An artist's rendering of the South Bay Galleria remodel.
The kelp beds of Rocky Point off of the Lunada Bay area of Palos Verdes Estates will remain open to fisherman based on a decision of a state panel selected to enforce the Marine Life Protection Act . The panel had selected a compromise plan that had taken into consideration proposals from groups representing both the fisherman as well as conservation groups.
The popular fishing area near Rocky Point would remain open under the latest Blue Ribbon Task Force proposal. (Steve McCrank/Daily Breeze Staff Photographer)
The panel did vote to include areas including portions of La Jolla, Swami's Reef, Malibu and Santa Catalina Island, Rocky Point was excluded . Rocky Point is a productive area and receives significant fishing pressure, but closing it to fishing would have dealt an economic blow to Redondo Sportfishing and other landings, and might have caused private fishing boat owners to pull their vessels from King Harbor.
The Congress recently passed an extension of the increased loan limits passed last year, which increased the limits on the amount of a loan funded or guaranteed by the FHA or Fannie Mae and Freddie Mac in certain high cost areas such as California from the previous $625,500 limit to $729,750. These limits are based on 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The new limits have now been extended through 2010. The higher limits had been set to expire at the end of 2009 returning back to $625,500.
These increases created a new range of loans called "Super Conforming Loans" or " Conforming Jumbos" from $417,000 to $729,750 (in some cases limited to an upper limit of $625,500). These loans are generally priced only an eighth of a point higher than conforming loans under $417,000.
Jumbo loans in excess of these limits are currently available at rates of aprox. one half point higher.
Interest rates for conforming and jumbo conforming loans are now available for rates of less than 5%.
The President has signed into law an extension of the $8,000 first time home buyers credit which also added a new $6,500 tax credit for existing homeowners buying a new principal residence. The details of the new law are as follows:
1) The credit is 10% of the homes purchase price, limited to $8,000, and does not have to be paid back (unless the property is sold within 3 years - See #7 below). 2) The credit is limited to first time home buyers and principal residences. Any home that will be used as a principal residence will qualify for the credit, provided that if the home is purchased after November 6, 2009 it must be for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. 3) The definition of first time home buyer is someone who did not own a principal residence within 3 years of the date of closing of the new purchase.For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. 4) The credit is only for a limited time. The contract date of the sale must be between January 1, 2009 and April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010. 5) Income limits for phase out of Tax credit a)To receive the full credit, for sales through November 5, 2009, single taxpayers must have earned (modified adjusted goss income) less than $75,000 and married taxpayers must have earned less than $150,000. The tax credit is phased out proportionally for taxpayers who exceed these income limits by up to $20,000. The credit is zero at an income level of $95,000 for single taxpagyers, and $170,000 for married taxpayers.To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. b) For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts. 6) The credit is a "refundable credit", which means the credit is deducted from the taxes owed, and if the net result is less than zero, the amount is refunded to the taxpayer. Therefor, even if you pay no taxes, you will receive the credit which will be paid to you. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase. 7) The buyer must hold the property for at least 3 years or the tax credit wil have to be returned (exceptions are for sale due to death or divorce ). 8) Those people who took advantage of the $7,500 first time home buyers credit in 2008, must still pay the credit back over a 15 year period. 9) Two unmarried individuals buying a principal residence may allocate the credit "in any reasonable manner" 10) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount. 11)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
Federal Tax Credit for qualified move-up buyers ( not first time home buyers):
1) The tax credit is for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).and is equal to 10 percent of the home´s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit. 2) The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit. 3) The income limits are the same as for the $8,000 first time home buyers credit described above for homes purchased after November 6, 2009. 4) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount. 5)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
**NOTE: The information contained at this site is for educational purposes only and is not intended for any particular person or circumstance. A competent tax professional should always be consulted before utilizing any of the information contained at this site.**
The California Association of Realtors has just released the following good news for first time homebuyers:
"Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order."
This is excellent news and will help all first time home-buyers realize their dream of home ownership.
Information about the real estate and home markets of the beach communities of the South Bay of Los Angeles and the Palos Verdes Peninsula. Palos Verdes homes for sale and South Bay Los Angeles real estate.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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