Proposition 60 and Proposition 90 are both California property tax relief measures that provide certain homeowners with the opportunity to transfer their property tax base to a replacement residence under specific conditions. Here's an explanation of each:
- Proposition 60:
- Proposition 60 allows homeowners who are 55 years of age or older to transfer the assessed value of their current primary residence to a replacement property within the same county, as long as certain conditions are met. This transfer helps homeowners avoid a potentially higher property tax assessment that would result from purchasing a new home with a higher market value.
- To qualify for Proposition 60, the replacement property must be of equal or lesser value compared to the original property, and the replacement must occur within two years of the sale of the original property.
- This proposition is especially beneficial for retirees or older homeowners who may want to downsize or move to a more suitable residence without facing a significant increase in property taxes.
- Proposition 90:
- Proposition 90 extends the benefits of Proposition 60 to homeowners who are moving to a different county within California. It allows eligible homeowners to transfer their property tax base to a replacement property in a different county, provided that the county where the replacement property is located has adopted an ordinance authorizing such transfers.
- Not all counties in California participate in Proposition 90, so homeowners should check with the county assessor's office in both the county they are leaving and the county they are moving to in order to determine eligibility and any specific requirements.
- Like Proposition 60, Proposition 90 also requires that the replacement property be of equal or lesser value compared to the original property and that the replacement occurs within two years of the sale of the original property.
Both Proposition 60 and Proposition 90 aim to provide property tax relief for eligible homeowners in California who are looking to move or downsize without facing a significant increase in property taxes. However, it's essential for homeowners to understand the specific criteria and limitations of each proposition and to consult with local authorities or legal professionals for guidance regarding their individual situations.
As of January 2022, the following counties in California have adopted ordinances to accept inter-county transfers under Proposition 60 and/or Proposition 90:
- Alameda County
- El Dorado County
- Los Angeles County
- Orange County
- Riverside County
- San Bernardino County
- San Diego County
- San Mateo County
- Santa Clara County
- Tuolumne County
- Ventura County
Please note that this list may not be exhaustive, and it's always a good idea to verify with the respective county assessor's office or consult official resources for the most up-to-date information regarding Proposition 60 and 90 inter-county transfers in California. Additionally, the specifics of these ordinances, such as eligibility criteria and limitations, may vary between counties.
40% reduction in residential listing inventory when comparing August 2023 to the same period in 2022
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Median single-family home price up 6% from July 2022
Median Townhome/Condo price up 7% from July 2022
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Source: CRMLS, California Regional Multiple Listing Service, Inc.
Liens vs. Encumbrances: How They Impact Property Sales!
Liens are like financial encumbrances, representing debts recorded against your property. Examples include voluntary liens like mortgage liens and contractor-recorded mechanic's liens. On the other hand, encumbrances refer to any claim against a property in a broader sense.
When liens or encumbrances are filed against your property, it means that whoever buys your home will inherit these burdens. As a result, the likelihood of someone purchasing your property with existing liens or encumbrances is very low.
To facilitate the sale or refinancing of your property, it's crucial to pay off these liens or encumbrances beforehand. This step is typically required before most potential buyers or lenders consider moving forward.
Stay informed about the impact of liens and encumbrances on your property's sale and take proactive steps to resolve any outstanding debts. Your real estate agent can guide you through the process and help ensure a smooth transaction.
Contact me to know how this can affect the sale of your property!
PAYAM SHIRAZI, Broker
Direct: (949) 436-3936
Email: [email protected]
Palm Springs has become a popular destination for Canadians seeking to purchase property. This article examines the factors that attract Canadians to invest in Palm Springs, including its desirable climate, vibrant lifestyle, and various amenities.
Here are the facts
- Desirable Climate: Canadians are often drawn to Palm Springs due to its warm and sunny climate. The region boasts over 300 days of sunshine annually, providing an escape from Canada’s colder winters. The year-round pleasant weather allows Canadians to enjoy outdoor activities, golfing, and relaxation in a comfortable environment.
- Vacation and Retirement Destination: Palm Springs is renowned as a premier vacation and retirement destination. Canadians, especially those looking for a winter retreat or a place to enjoy their retirement years, are attracted to the laid-back and resort-like atmosphere of Palm Springs. The abundance of golf courses, spas, and leisure activities cater to a relaxed and enjoyable lifestyle.
- Proximity and Accessibility: Palm Springs’ proximity to major Canadian cities, particularly in Western Canada, makes it easily accessible for Canadians. Short flights from cities like Vancouver, Calgary, and Edmonton allow for convenient travel to and from Palm Springs. This proximity reduces travel time and provides Canadians with a convenient option for their vacation or second home.
- Real Estate Investment Potential: Palm Springs offers attractive real estate investment opportunities. The region has seen steady growth in property values over the years, making it appealing for Canadians seeking potential returns on their investment. Additionally, the Palm Springs rental market provides an opportunity for Canadians to generate income from their properties when not in use.
The combination of Palm Springs’ desirable climate, vibrant lifestyle, accessibility, and real estate investment potential make it an attractive choice for Canadians looking to buy property. Whether seeking a vacation getaway or a retirement destination, Palm Springs offers a desirable mix of leisure, relaxation, and potential financial benefits for Canadian buyers.
Call to access the latest listings of homes for sale in Palm Springs and schedule a private showing.
PAYAM SHIRAZI, Broker
Direct: (949) 436-3936
Email: [email protected]
Canadians as Top Buyers of Vacation Properties in California:
Canadians have established themselves as prominent foreign buyers of vacation properties in California, driven by factors such as the advantageous Canadian-US dollar exchange rate and the close proximity and cultural ties between Canada and the United States.
The allure of California extends to many Canadians, captivated by its warm climate, picturesque beaches, and diverse landscapes. Noteworthy regions for Canadians seeking vacation properties in California include Palm Springs, Los Angeles, San Diego, and Orange County.
Beyond its natural attractions, California boasts a vibrant cultural scene, exceptional dining, and entertainment options, alongside a plethora of outdoor activities like hiking, surfing, and skiing.
While individual preferences and circumstances vary, it's important to note that California stands as a highly popular choice for numerous Canadian buyers seeking a second home or investment property.
Conclusion: California's appeal to Canadian buyers of vacation properties can be attributed to various factors, such as the favorable exchange rate, proximity, and cultural affinity. With its enviable climate, stunning coastlines, and abundant recreational opportunities, California continues to captivate the interest of Canadian buyers in search of their ideal vacation property or investment opportunity.
People choose to live in Irvine, California, for various reasons:
- Safe and secure environment.
- Excellent public schools and high-quality education.
- Strong job market with diverse employment opportunities.
- Well-planned and well-maintained neighborhoods and infrastructure.
- Vibrant and diverse community with a rich cultural mix.
- Pleasant Mediterranean climate with mild winters and warm summers.
- Abundant parks, green spaces, and recreational opportunities.
- Proximity to beautiful beaches and outdoor attractions.
- Access to a wide range of amenities, including shopping centers and restaurants.
- Active and engaged community with numerous events and activities.
- Close proximity to renowned universities and educational institutions.
- Well-connected transportation infrastructure, including freeways and airports.
- Low crime rates and a strong sense of security.
- Clean and well-managed city with a commitment to sustainability.
- Multicultural dining options and a thriving food scene.
- Opportunities for outdoor activities like hiking, biking, and golfing.
- Access to world-class healthcare facilities and medical centers.
- Well-regarded cultural and arts institutions.
- Opportunities for entrepreneurship and business growth.
- Overall high quality of life and a desirable place to raise a family.
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Orange County, located in the heart of Southern California, is one of the most desirable places to live in the United States. This region is home to a number of beautiful coastal communities that offer residents a high quality of life, great weather, and a number of recreational and cultural opportunities.
One of the biggest benefits of living in Orange County's coastal communities is the weather. With an average temperature of 70 degrees and over 300 sunny days per year, it's no wonder that many people flock to the area to escape the harsh winters of other parts of the country. This warm climate is perfect for outdoor activities like surfing, biking, hiking, and golfing, making it a great place for active people to call home.
In addition to its great weather, Orange County's coastal communities offer residents a range of cultural and recreational opportunities. From world-class museums and galleries to festivals and events, there's always something to do in the area. For families, there are plenty of kid-friendly activities and attractions, including amusement parks, zoos, and aquariums.
Another great benefit of living in Orange County's coastal communities is the access to quality education. With a number of excellent schools, including both public and private options, parents can be confident that their children will receive a top-notch education. Additionally, the region is home to several universities, including the University of California, Irvine and the University of Southern California, making it an ideal place for those who are pursuing higher education.
Another important factor for many people who live in Orange County's coastal communities is the proximity to major employment centers. With a thriving economy and a large number of major corporations located in the area, residents can easily find quality jobs and build careers. In addition, the area is home to a number of startups and tech companies, making it a great place for entrepreneurs and those who are interested in working in a fast-paced, dynamic environment.
Finally, Orange County's coastal communities offer residents a great sense of community. With friendly, tight-knit neighborhoods and a strong sense of local pride, people who live in the area feel a deep connection to their community and enjoy a high quality of life.
In conclusion, living in Orange County's coastal communities offers residents a high quality of life, with great weather, recreational and cultural opportunities, access to quality education, proximity to employment centers, and a strong sense of community. Whether you're a family, an individual, or a couple, Orange County's coastal communities are an excellent place to call home.
Orange County real estate is a highly sought-after commodity due to its proximity to major cities such as Los Angeles and San Diego, as well as its picturesque beaches and scenic countryside. The area has seen a steady rise in property values over the years, making it a popular destination for both home buyers and investors. The county offers a diverse range of housing options, from luxury homes and estates to affordable apartments and townhouses. The market is currently experiencing a relatively low inventory, which creates competition however we can help you find unique investment opportunities here in Orange County.