Save Prop. 60 & 90!

By
Real Estate Agent with Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty DRE# 00901962 Lic.1985

Our Santa Clara County  Supervisors are voting tonight on possibly doing away with Propositions 60 & 90 tax benefits for our seniors. For those of you unfamiliar with these items, they allow seniors to keep and transfer their existing property tax basis when selling and buying another property in either Santa Clara County or one of six other cooperating counties. Please consider writing your letters of support to preserve these important benefits for our senior community. Thanks in advance for reading this--and acting on it!

I urge you to preserve the Prop. 60 and 90 benefits the seniors in our and cooperating counties deserve to keep. I've seen firsthand how difficult a person's decision is to leave their familiar home and neighborhood-often the biggest compensation is knowing they will have *one* constant source of comfort-if they buy in one of the seven cooperating counties, they can keep their property tax cost the same. With the cost of medicine and healthcare escalating, this is a crucial savings to this group of longtime residents.

 

When someone sells and buys a home, they contribute to the economy in new ways, from installing a new kitchen to sell their existing residence, to redecorating their new home. The County also receives money for the transfer tax.

 

These propositions actually SAVE money.

 

Who comes in to take over a home, estate and a person's life, including guardianship and even probate, when an ailing senior can no longer care for him or herself? The County.  This usually happens because an older or infirm person can no longer manage physically or financially. Often the person may be "house poor"-meaning the residential asset is worth a lot of money in the open market due to appreciation, but if it's sold, the person has nowhere to live (and often few personal or other resources). By the time that happens, the home, as well as the person, has deteriorated physically-and even when sold, is often worth about 20% below average market prices.

 

This situation of trying to take away the tax break from seniors reminds me of the Biblical story of David and the prophet Nathan. Nathan tells David a story of a rich man with many herds of sheep and a poor man with one ewe lamb that was precious to him; when food was needed, the rich man took and killed the poor man's lamb instead of one of his own. David got angry and demanded the rich man pay four-fold restitution to the poor man. (Nathan's point was that David had stolen another man's wife when he already had many of his own, and God judged David's action wrong and selfish.)

 

The County isn't actually "losing" money-they just aren't getting the full tax rate on the new purchase. Still, they DO get the full tax rate from the person who buys the senior's home, and the transfer tax. Let's not be guilty of stealing this one precious asset our seniors still have.

 

For most citizens, a home is their single largest asset. Most no longer work, the ones that do, make less money in their golden years. Many are suffering from reduced retirement income due to others' mismanagement of their pension funds and stocks.

 

To qualify a senior must buy a home for the same price or less. If a person can afford to buy a more expensive home, he or she does NOT qualify for the tax break. The 10 percent difference cited in the recent San Jose Mercury News article only applies to offset appreciation if buying within 2 years of selling.

 

These tax breaks represent a huge personal financial blessing in these individuals' lives, while the money it would bring to the County would merely mitigate a miniscule percentage of the budget, not balance it. Let's not be guilty of stealing "the poor man's only lamb" by taking away a much needed, and deserved, tax break for our seniors.

 

Blessings,

 

Michelle C. Carr-Crowe and the Get Re$ult$ Team

Of Judy Carr & Assoc., Inc. / Altas Realty

408-252-8900

lynbrookhomes1@hotmail.com

http://www.lynbrookhighhomes.com/

Posted by

Aloha & God Bless You, 

Michelle Carr Crowe Just Call 408-252-8900 sign image

 

Michelle Carr Crowe of the Get Results Team Real Estate Agent . Author . Coach . Trainer DRE #00901962 Licensed to Sell since 1985

P: Just Call ... 408-252-8900
F: 408-947-1585
E: GetResultsTeam@gmail.com
1190 S. Bascom Ave., Suite #118
San Jose, CA 95128
www.MichelleJudyCarr.com

Michelle C. Carr-Crowe and the Get Results Team (established by the late legendary Silicon Valley super agent Judy Carr) are known as the "Lynbrook and Cupertino Schools Experts." Coaching clients to success is Michelle's passion, making her and her team creative catalysts for positive change in people's lives. She is a Silicon Valley-based multi-million dollar real estate consultant, author, coach and trainer who works by referral only.

Her designations have included: Accredited Buyers Representative (ABR), Accredited Consultant of Real Estate (ACRE), Accredited Luxury Home Specialist (ALHS)Accredited Staging Professional (ASP)Certified Distressed Property Expert (CDPE),  Property Marketing Expert (PME), Real Estate CyberSpace Specialist (RECS), and Senior Real Estate Specialist (SRES).

Michelle is an internationally-published freelance writer with over 1,200 traditional articles in print and online, co-author of two books on Silicon Valley-specific real estate as well as over 68,000 blog posts on Blogger, ActiveRain, Examiner, FaceBook, Realtor, Trulia, RealBird and others. She enjoys reading, traveling, animals, nature, family, dancing, staging, consulting, coaching and praying. Check out her blog at www.activerain.com/results or visit her online at www.michellejudycarr.com or www.lynbrookhighhomes.com. For RE$ult$ ... Just Call ... (408) 252-8900.

 

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Rainer
233,668
Brett Noel
Keller Williams - Paso Robles, CA
It is important to stop this because once one county makes changes, the others want to follow
Sep 24, 2007 09:35 PM #1
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
I hope the tax break for seniors is preserved.  This reminds me of the situation in England where heirs lost their ancient ancestral homes because they couldn't afford the taxes.
Sep 24, 2007 10:41 PM #2
Ambassador
566,489
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team
I hope this does not happen.  We have to be careful because there are so many things going on to hurt the public, this is one of the them.  One of the others is HUD trying to stop the DPA programs. And there are so many more.
Sep 25, 2007 12:09 AM #3
Rainmaker
194,673
Leo Namiot
Canopy Mortgage - Jacksonville, FL
Outstanding Service & Great Rates

Welcome to active rain Michelle, this is a great online community, enjoy!

 

Leo Namiot

Benchmark Mortgage Connecticut

Your Connecticut and Florida Mortgage Specialist

Sep 25, 2007 01:49 AM #4
Rainer
87,283
Christina Botteri
REeBroker - Roseville, CA

Hi Michelle,

Welcome to ActiveRain!  

You'll find a tremendous wealth of good, solid information here.  The bonus is that along with that, you get to be in the company of some of the best minds in the business of real estate today - and they're great people!

Good Luck on 60 & 90 ... I hope you'll tell us what happens!

Best,

Christina

Sep 25, 2007 03:56 AM #5
Rainmaker
309,631
Mike Mueller
Tech and Social Media Consultant - Walnut Creek, CA
Welcome to AR.

Your first step was great!

Now you need to start reading.  Here's the best places to start.

  • The rules for posting to the Newbie Group: LINK (pay attention to Rule # 2 and 5)
  • The rules for posting to the Practice Here! group: LINK
  • Blanca wrote a Newbie's Guide: LINK
  • Colleen compiled a huge list of Must Reads. LINK
  • Brad wrote a compilation too. LINK

I would suggest bookmarking those so that you can find them again.  You'll need them.  If you have questions about active rain the Newbie Group is the place to ask.

Good for you -Blog on!

Sep 27, 2007 01:33 AM #6
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