Newsletter, 4/23/21

Posted on: April 23, 2021 Posted by: rnelson Comments: 1

PROP 19 – GET THE FACTS
Prop 19 Frees Up Inventory While Providing Tax Savings for
Seniors, Homeowners with Disabilities, and Wildfire Victims

TAX SAVINGS FOR OLDER HOMEOWNERSThanks to Prop 19, seniors, retirees, and all homeowners aged 55+ can move closer to family, medical care, or to a home that better meets their needs anywhere in California without a
tax penalty.Prop 19 removed unfair location and price restrictions, allowing older homeowners to transfer the tax base of their home to a new home.*SAVINGS FOR HOMEOWNERS WITH SEVERE DISABILITIESProp 19 also removed unfair restrictions on Californians with severe disabilities, allowing homeowners to move to a replacement home anywhere in California without
a tax penalty.*Under Prop 19, homeowners with severe disabilities can transfer the tax base of their existing home to a replacement home up to three times.

HOUSING RELIEF FOR VICTIMS OF WILDFIRE AND NATURAL DISASTER

After wildfires destroyed more than 24,000 family homes in the past few years, wildfire victims have faced massive property tax hikes when relocating to another home.

Prop 19 allows victims of wildfire or natural disaster to transfer the property tax base of their damaged house to a replacement home anywhere in California.*

INCREASED INVENTORY FOR YOUNG FAMILIES & FIRST-TIME BUYERSMillions of older homeowners feel trapped in homes that no longer meet their needs — they want to move to senior housing or retirement communities, or downsize to smaller homes. Prop 19 lets them move without a tax penalty.*As more seniors take advantage of Prop 19’s tax savings, homeownership opportunities will open up each year for renters, young families, and first-time homebuyers in communities throughout California.READ MORE

Ralene Nelson, REALTOR®

Belmont model, located on the 7th green, Trilogy at Rio Vista, in the active adult community. Two bedrooms, 2 baths, great room with den. Fresh paint, the kitchen has light cherry cabinets, granite slab counters with new stainless appliances. Tile floors with laminate wood in bedrooms. Laundry set up in home & garage. The extended garage provides room for 2 cars & a golf cart. READ MORE

Coming Soon – 439 Cedar Ridge Dr. Rio Vista

You will love this unbelievably, 4 bedrooms, 2 bath, with over 1800 sqft of comfortable living, Spacious Kitchen and more…Contact Ralene Nelson if you have any questions at 707-334-0699.

Delta Diamond Farm Estate & Event Center, 15175 Hwy 160, Isleton, 25.1 ac

Asking $3,250,000- Delta Diamond Farms is a very unique property, built in the late 1880s, fully renovated by currents owners in 2005. 4 stories, 3850 sqft Victorian home, the potential for 5 beds, 3.5 baths, located on 25.1 acres, currently operating as a wedding event compound & family/corp. events, & is permitted. Expansive lawn area & beautifully landscaped courtyard with 3 self-contained cottages. Barn (8000 sqft) & metal workshop constructed in late 1880’s, renovated with concrete perimeter foundation/slab floor, & full loft. 50’s Replica Gas Station remodeled as operational restrooms. New 2300 sqft 6 carriage house w/half bath. 4200 sqft metal building set up for catering, (refrigerators, freezer, ice machine, table/chair/linen storage w/industrial washer/dryer. 3200 sqft metal newer building, equipped with workshop, office, bedroom & full bathroom w/shower. Property has 2 wells (domestic/agricultural) w/riparian rights from Sacramento River. River access with 60 ft custom dock & waterfront observation deck. READ MORE

Real Estate News

What Proposition 19 Means for Homeowners and Homebuyers

Last year, California voters passed Proposition 19. Proponents of this law hope that it will stimulate the housing market by encouraging more people, especially Seniors (55+), to buy real estate. Overall, Proposition 19 will change how property is assessed for tax purposes in two different situations:

When parents transfer property to children/ when grandparents transfer property to grandchildren. (Effective February 16, 2021).
When Select People (Seniors 55+, Severely Disabled People, & Victims of Natural Disasters) sell and buy new primary homes. (Effective April 1, 2021)

READ MORE

How will California’s Proposition 19 impact property taxes?

The realtor-supported effort may free up housing inventory in the Golden StateA slim majority of California residents voted in favor of Proposition 19 on Election Day, green-lighting a motion that gives new property tax breaks to older homeowners while increasing property taxes for those inheriting their parents’ or grandparents’ properties.The latter is a big deal for the roughly 650,000 Californians who, since 2010, have received a tax break allowing them to maintain their relatives’ low property taxes when they inherit the home. Now, heirs will pay the market value in taxes

California Homeowners Can Realize Significant Annual Property Tax Savings

Prop 19 removes location and price restrictions to allow homeowners who are 55 or older, severely disabled or victims of wildfires or natural disasters to:

Purchase a replacement home anywhere in California and transfer the taxable value of their current home, allowing them to realize significant annual property tax savings.
Move closer to family or medical care, purchase a home that better meets their needs, replace a fire-damaged home, or retire or relocate anywhere in the state without a tax increase.
Save substantially in annual property taxes when moving to a replacement home, even if the replacement home is more expensive than the original primary residence (with an adjustment upward to their tax basis if the replacement property is of greater value).
Transfer the low property tax base of their original home to a new home up to three times