After the children have a home of their own, you may be considering both the positive and not-so-positive aspects of owning your family home. Yard maintenance, upkeep and other chores may have you thinking about alternatives.   You may also be considering investment opportunities real estate may offer you. We are well aware there are emotional concerns for seniors. Allowing strangers to come into their home, selling a home that has been in their family for many years. You need a realtor who truly listens, and makes you feel comfortable with the entire real estate buying and selling process. And we would love to work for you.

Downsize Without Increasing Your Property Taxes Many of people 55 years old with large equity positions in their homes and a small tax liability would love to move to smaller homes or even condos but are reluctant to because of the increase in property taxes. Enter Propositions 60 & 90! These are constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. When the senior citizen purchases or constructs a new residence, it is not reassessed,  if he/she qualifies. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originally required that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Only the following counties accept factored base year value assessments from any of the other 58 counties in California: Alameda, Kern, Los Angeles, Modoc, Orange, San Diego, San Mateo, Santa Clara And Ventura. To qualify, the seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale. The replacement property must be of "equal or lesser value" than the original home. Of course, with all things government, there are some caveats to this. In general, "equal or lesser value" means the fair market value of the replacement property does not exceed one of the following: 100% of the market value of the original property, if the replacement property is purchased or newly constructed before the original property is sold. 105% of the market value of the original property, if the replacement property is purchased or newly constructed within the first year after the original property is sold. 110% of the market value of the original property, if the replacement property is purchased or newly constructed within the second year after the original property is sold. You may apply by completing and submitting the necessary application form within three years of the date you buy your replacement property. Contact your County Assessor or download the forms at their web site.

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San Diego My Home Team TOP SELLING TEAM for Century 21 Horizon
Mark Kunce Realtor ® Direct   619-957-4969 Office   619-280-1888 Fax      619-280-4222 mark@sdmyhome.com	Steven Johnson Realtor ® Direct   619-203-8743 Office   619-280-1888 Fax      619-280-4222 steven@sdmyhome.com
Mark W. Miller Realtor ® Direct   619-200-6002 Office   619-280-1888 Fax      619-245-2408 mark.miller4@century21.com	Rob Bishop Realtor ® Direct   619-573-5223 Office   619-280-1888 Fax      619-280-4222 rob@sdmyhome.com
Darren Grenia Realtor ® Direct   858-245-3872 Office   619-280-1888 Fax      619-280-4222 darren@sdmyhome.com	Gigi Srajer Realtor ® Direct   619-808-4474 Office   619-280-1888 Fax      619-280-4222 gigi@sdmyhome.com
Kenneth St. Pierre III Realtor ® Direct   619-517-4742 Office   619-280-1888 Fax      619-280-4222 ken@sdmyhome.com	Would you like to join our team? Contact Mark or Steve!

San Diego My Home Team Century 21 Horizon 4134 Adams Avenue, Suite 101 San Diego, CA 92116