Senior Living - Contra Costa Country

1. You must stay in Contra Costa County (** see below for the few counties
that reciprocate and participate in Proposition 90)
2. You must purchase or construct a home worth equal or lesser value than
the original property (sometimes hard to do in our area to be sure). In
general, "equal or lesser" than market value of a replacement dwelling has
been defined as: 100% of market value of original property as of its date of
sale if a replacement dwelling is purchased before an original property is
sold; 105% of market value of original property as of its date of sale if a
replacement dwelling is purchased within one year after the sale of an
original property; 110% of market value of original property as of its date
of sale if a replacement dwelling is purchased within two years after the
sale of an original property.
3. The original property must be sold for consideration and eligible for
reassessment upon transfer(i.e. no giving it or transferring to family
members), must be an "arms-length" transaction. In the words of the tax
assessor's office: "The sale of the original residence must qualify for
reassessment as the result of its transfer."
4. At least one person on title needs be over 55.
5. Relief under this proposition may only be used once. Disclosure of your
social security numbers is required so that the county may track your
exemption and prevent uses in multiple counties.



Home Contact a Realtor Search for Real Estate New Home Construction Relocation Package Seller Resources Buyer Resources Foreclosure Info City Information Our Community Vendors & Services Local Schools Home Mortgage Center Mortgage Calculators Investors Economic Reports Senior Living About Testimonials	Senior Living Information for seniors wanting to sell or buy a home Prop 60 Prop 90 :: Reverse Mortgage Information :: How to Hold Title Professional Services :: Transfers to Children or Grandchildren The vast majority of seniors are homeowners. AARP estimates that of the 83% of seniors who own their homes, nearly three million of them will change residences in the next two years. These prospective clients need someone who can advise them on the best way to maximize their equity and plan for the future. To better serve her clients, Catherine Myers has proudly earned the prestigious SRES designation. From SRES: "Seniors Real Estate Specialists are REALTORS® qualified to meet the special needs and concerns of maturing Americans. By earning the SRES designation, your REALTORS® has demonstrated necessary knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTORS® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions." As you near retirement you may be thinking of downsizing, or living your dream in a golf or active adult community. As part of Catherine's relocation program, she can match you to a Realtor in any other area of the country you may be interested in. Just ask for a relocation packet for that area at. My dedicated professional colleagues in areas such as Florida, Arizona, North Carolina, Kentucky, Tennessee, Texas, New Mexico and other popular retirement states are ready to serve you. top Proposition 60 and Proposition 90 Here in Contra Costa County, do you know about Proposition 60 and Proposition 90? If you are over 55 and thinking of moving, you need to know about Proposition 60. Typically when a person buys a home, the property taxes are reassessed based upon that new purchase price. It sure discourages some people from making that move if you've been in your home a long time. Proposition 60 allows you (within certain guidelines) the ability to transfer your current tax basis to your new house. How cool is that? Just think, capitalize on all that appreciation we've seen in our area - buy your dream retirement home, possibly no or low mortgage, low taxes and now your only care in the world is your golf score. Well so what are the parameters? 1. You must stay in Contra Costa County ( see below for the few counties that reciprocate and participate in Proposition 90) 2. You must purchase or construct a home worth equal or lesser value than the original property (sometimes hard to do in our area to be sure). In general, "equal or lesser" than market value of a replacement dwelling has been defined as: 100% of market value of original property as of its date of sale if a replacement dwelling is purchased before an original property is sold; 105% of market value of original property as of its date of sale if a replacement dwelling is purchased within one year after the sale of an original property; 110% of market value of original property as of its date of sale if a replacement dwelling is purchased within two years after the sale of an original property. 3. The original property must be sold for consideration and eligible for reassessment upon transfer(i.e. no giving it or transferring to family members), must be an "arms-length" transaction. In the words of the tax assessor's office: "The sale of the original residence must qualify for reassessment as the result of its transfer." 4. At least one person on title needs be over 55. 5. Relief under this proposition may only be used once. Disclosure of your social security numbers is required so that the county may track your exemption and prevent uses in multiple counties. A related proposition (90) allows you to move outside of Contra Costa County. Not many counties participate in this - only Alameda, Los Angeles, Orange, Santa Clara, San Diego, San Mateo, Ventura. Definitely some promising destinations within those counties, but some of the local popular retiree places are noticeably absent i.e. Placer County (Lincoln), El Dorado County (Serrano) - bummer. But Somerset in Brentwood, Rossmoor in Walnut Creek are winners! See the Contra Costa County Tax Assessor Web site for more information. top Check my out real estate blog for my insight on property tax issues. Reverse Mortgage Sometimes it may not be in your best interest to sell your home. You may not want to, you may not need to! While reverse mortgages got a bad rap in times past, they can now prove to be a valuable resource in maintaining your independence and quality of life. You've worked hard to achieve what you have, now make it work for you! If you're at least 62 (or your spouse is) you may be eligible for a reverse mortgage. Think of it as a home equity loan in reverse. You can have access to extra income - receive a monthly payment, instead of making one! There may not be any income, employment or credit qualifying restrictions. You can take one lump sum to cover a large expense, in monthly disbursements to supplement your income or as a line of credit to draw on as you may need it. Some loan programs allow you to draw an advance in addition to the monthly disbursement - payments would be adjusted as circumstances change. The amount you owe will never exceed your property value, so there is no way a reverse mortgage could cause you to lose your home. Contact Catherine for a referral to a reverse mortgage specialist in your area. top How to Hold Title in Your Home How you hold title is an important decision. It can effect you in cases of death, sale and other transfer. It is very important to obtain advice from a trusted attorney or CPA to advise you in the best way for YOUR circumstance. You have several choices, including Community Property, Community Property with Right of Survivorship, Joint Tenancy, Tenancy in Common, Partnerships and Trusts - all with their own caveats and implications. The attached chart is merely an informational guide, but is provided here for your reference. top Professional Services Catherine works with an entire team, ready to work hard for you. Do you need a referral to Long Term Care Insurance specialist? An attorney to help set up a will or trust? An estate appraiser? Movers? Organizers? Retirement living communities? Assisted living facilities? CPA for tax or estate planning? Handyman to help around the house? A mortgage professional? Just ask, Catherine is happy to provide you referrals whether or not you want to sell or buy a house. Contact Catherine. Estate Planning Information from California State Bar Association Wills Living Trusts Transfer to Children or Grandchildren Propositions 58 and 193 exclude from property tax reassessment, property that transfers between parent and child or from grandparent to grandchild provided specific criteria are met. See the Contra Costa County Assessors for detailed information and the criteria in qualifying for an exchange to children or grandchildren that excludes property tax reassessment . Yes, you can, under certain circumstances, transfer your Prop 13 (or otherwise low) taxes to your children or grandchildren.