Gus Kramer, Contra Costa County tax assessor, met with the Contra Costa Realtors in Motion ON Tuesday, 9/11/07 to promote his idea of bringing Proposition 90 back. This is great news for homeowners in other areas of California who are over the age of 55. It enables homeowners to purchase a home in Contra Costa County and transfer their current tax basis. Mr. Kramer wants to bring back Proposition 90 for a period of five years to (hopefully) strengthen the Contra Costa real estate market by attracting age 55 or older home buyers.
Many homeowners over age 55 are hesitant to move because they may owe nothing, or next to nothing, on their longtime family home mortgages. Buying a new home may make their property taxes double, or even triple if they buy a new home today.
Proposition 60 is a state law and exists in Contra Costa to do this same thing, but for those already in Contra Costa moving within Contra Costa. Contra Costa does this as an incentive for those retiring, and those scaling down after raising their families in the big homes, to stay in (or come to) Contra Costa. Though the county stands to lose property tax dollars, the county stands to gain significant sales tax revenue.
From the Contra Costa Times: "There are no guarantees that reinstating Prop. 90 will make a big difference, but it could. Kramer envisions a two-year sunset for Prop. 90, which is when forecasters expect the real estate market to regain its health. If any problems occur in the meantime, supervisors could cancel the policy on short notice. With few downside threats and the potential for considerable benefits for county residents, we encourage Contra Costa supervisors to reinstate Prop. 90 homeowner assessment transfers from out of the county. It's an experiment that deserves a try."
To support reinstatement of Proposition 90, please call or write to your County Supervisor: District I John Gioia 11780 San Pablo Ave., Ste. D El Cerrito, CA 94530 510-374-94530 District II Gayle Uilkema 651 Pine St. #108 Martinez, CA 94553 925-335-1046 District III Mary Piepho 309 Diablo Rd. Danville, CA 94526 925-820-8683 District IV Susan Bonilla 2151 Salvio St., Ste R Concord, CA 94520 925-521-7100
District V Federal Grover 315 E. Leland Rd. Pittsburg, CA 94565 925-427-8138
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