Proposition 90-People are moving to El Dorado County! Good move!

By
Real Estate Agent with Future Homes & Real Estate B.R.E. License #1061646
https://activerain.com/droplet/4CXX

 I was one of a small group of Realtors from the El Dorado County Association of Realtors that lead the crusade...and finally were successful in bringing Prop 90 to our fine County!  What a difference it is making for many Retirees...

Housing prices are fabulous, and interest rates are too!  Call me for an application-today, and get ready to move!  Like I said-Because of Proposition 90-it is just one more reason People are moving to

El Dorado County! 

Update-the Board of Supervisors voted-back when they adopted the Proposition-that they would revisit it each year, to see how much Revenue the County is "losing" from the reduction in Property Tax money coming in...Thank you to everyone who came out in support and showed our Board what we REALLY do need here in EDC! Each September the County will review their "losses" due to the program-so be sure to get in touch with me for additional updates...this last September-We Realtors fought for an extension-however, in Novemeber...we lost hat fight.  Prop 90 ends in EL Dorado County 11/7/2018.  See all other blogs too, for more details-YOU STILL HAVE TIME!  Call me for details, and a Sample Copy of the Application.

I am currently helping 4 families in their move from the Bay Area-and they are all going to save a bundle!  One question I am asked regularly-is "can my son or daughter be on title with me? and/or on the loan?"  The answer is YES!  details are in section 69.5 of the Proposition.

I will continue to lobby for Prop. 90!  Check in here, or call me for the latest-530-676-4447 or 916-616-0874...I am here to be a resource to you...the only place you need to go for all your questions on Prop 90-or any other topic in the field of Real Estate!  

OVER 55? CALIFORNIA PROPERTY TAX RELIEF

Since its passage, Proposition 13 prohibits property tax increases until property ownership is changed.

If either spouse is over age 55 (when the old home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value (but see below) within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before 'taints' both spouses.

PROP 90 allows counties to elect to accept transfers of Prop 13 values for moves from other counties when a primary residence is replaced with a less expensive (but see below) home. If you are over 55 and move into a county which accepts Prop 90, you may take your old, lower Prop 13 value, regardless of from which county you move.

Using Prop 90, you can sell your $400,000 San Francisco home [assessed value $80,000] and move to a new $300,000 home in San Mateo; the new San Mateo assessed value will be $80,000!

 

7 COUNTIES WHICH ACCEPT PROP 90 (Current as of 6/1/2014)

Alameda, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, and Ventura. [Contra Costa, Inyo, Kern, Riverside, Modoc, Monterey, and Marin have dropped out of the Prop 90 program.]

Props 60 and 90 apply if you "trade down" (i.e. the new home costs less than the sales price of the old home).

> If you buy New Home 1st; then sell the Old Home, you must go down in price.

> If you sell the Old Home1st; then buy the New Home:

  • In 1st 365 days after the sale of Old Home, you may go up 5% in the purchase price of New Home.

  • If you buy New Home more than 1 year from the sale of Old Home, but less than 2 years, you may go up 10%.

  • Saving on Property TaxesRetired Couple just bought using Prop 90!

Some buyers can pay the commission outside of escrow to lower to sales price. Example: I sold for $100,000 and then want to buy next week for $120,000. The seller will owe a commission of $7,200. The seller will owe $2,800 of other expenses

I sold 1st so I must buy for no more than $105,000. If I pay the seller's expenses of $10,000, the price is down to $110,000. Hmm. If I buy the stove, refrigerator, and lawn furniture for $6,000, it looks like I qualify. WARNING: I do not suggest this is a valid idea.

Our Board of Supervisors, here in El Dorado County adopted the Proposition February of 2011.  This will change the outlook in our County in a very positive way.  When real estate prices began to fall and property owners began their requests for reassessments-of course to lower values-this of course resulted in lower tax revenues to the County. How does EDC put a stop to the continued reduction of RE values/revenue? Prop 90 is just the answer.

 

Check out the official website for El Dorado County-for more information-

County Assessor Information on Prop 90

 

For any and all information on Real Estate in Cameron Park, EL Dorado Hills, Placerville and/or in

El Dorado County proper-contact your resident Realtor and real estate Counselor, Wendi-Mae Davis office 530-676-4447 or

cell 916-616-0874 or email  wendimae@wendimae.com and you may want to check out her personal website at HTTP://www.wendimae.com 

 
Posted by

 

 

Wendi-Mae Davis, CRS, GRI

Broker Associate/Real Estate Counselor

Future Homes & Real Estate

WendiMae.com 

916-616-0874

If you need a Miracle...Be a Miracle!

Exceeding Expectations, that is what I do.

Begin each day as though it were on purpose... 

 

 

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Gary Frimann, CRS, GRI 08/03/2014 01:03 PM
  2. Eagle Ridge Realty 05/15/2015 01:13 AM
Topic:
Home Buying
Location:
California El Dorado County
Tags:
retiring to el dorado county
prop 90 counties
el dorado county properties
proposition 90 participating counties
prop 90 participating counties
what counties accept prop 90
prop 90 counties in california
prop 90 reciprocal counties

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Rainmaker
3,005,929
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Wendi-Mae - Thank you for sharing detailed quality information about Proposition 90, may qualify transfer your tax base.

Aug 02, 2012 08:35 AM #1
Rainmaker
1,107,422
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Wendi-Mae,  Great post and you explained it very well.  I am glad your county opted in.  It should help your business.

Aug 03, 2012 01:41 AM #2
Rainmaker
1,107,422
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Wendi-Mae, by the way, my dad was a dentist-- nice teeth!!!

Aug 05, 2012 03:10 PM #3
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

The efforts of a few concerned Realtors, who got this passed should be congratulated.  Well done!

Aug 22, 2014 12:39 AM #4
Rainmaker
492,466
Bruce Hicks
Best Homes Hawaii - Honolulu, HI
Your Lifetime Friend/Helper!

Cudos go to you Wendi-Mae Davis for your efforts on Prop-90.  I'm sure many are appreciative.

May 15, 2015 01:32 AM #5
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Stopped by to go through some of your posts.  I always am appreciative what you post.

Sep 06, 2017 06:16 AM #6
Rainmaker
727,217
Signature Homes & Estates
Signature Homes & Estates - Gilroy, CA
"Our Performance Will Move You!"

Some of your older posts are very informative.  I like browsing through them-- always learn something.

Sep 18, 2017 06:57 AM #7
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Looking at your older posts.  Informative stuff, keep it up!

Jul 27, 2018 08:20 AM #8
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

I love looking at your past posts.  You always have good information on them.

Aug 06, 2018 09:02 AM #9
Rainmaker
727,217
Signature Homes & Estates
Signature Homes & Estates - Gilroy, CA
"Our Performance Will Move You!"

Really good stuff.  I enjoy reading your posts!  Thank you.

Aug 19, 2018 05:36 AM #10
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Wonderful post on a localized topic.  Keep it up!  Hope some business flows your way!  

Sep 04, 2018 08:39 PM #11
Rainmaker
759,440
Eagle Ridge Real Estate Agents
Eagle Ridge Realty - Gilroy, CA
Representing Buyers and Sellers in Eagle Ridge

Wonderful post on a localized topic.  Keep it up!  Hope some business flows your way!  

Sep 05, 2018 08:20 AM #12
Rainmaker
713,337
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Looking into the past at some of your older posts.  Good job on these.  I really enjoy them.

Sep 15, 2018 08:15 AM #13
Anonymous
Willem F Hardijzer

To Bad on Prop 90, was hoping to find a home in EDC, will start looking in Amador County

Sep 18, 2018 11:54 AM #14
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Rainmaker
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Wendi-Mae Davis

CRS, GRI, Broker Associate
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