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More SFBA RE Scams: You thought Prop 13 is bad, how about Prop 60/90/110?
2011 Oct 17, 6:43pm 2,872 views 7 comments
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Apparently, he was able to transfer his fathers property (his childhood home his father bought in the 1950's) Which was first transferred from his father to himself (prop 13), THEN he did a Prop 60/90/110 exemption.
Yes, this is a one-time exception. It can be done inter-county if the county opts-in.
Overall I cannot find a fault with this regulation.
The real problem is Prop 13 itself -- one of the worst ideas and one that has made California a worse place to live.
The purpose of this particular objection Larry is citing is to encourage senior citizens to move to a house of equal or lesser value. Theoretically, grandma could move to a smaller condo and keep her tax basis. In reality, however, this hasn't greased the market for sales very much. However, if we're going to have Prop 13 at all (which is highly misguided in the first place), this is a reasonable amendment to it.
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When I was told this, I couldn't believe it. I just had to look it up.
Apparently, one can transfer their LOWER property tax from one house to a new house.
Example: Patrick buys a lovely RedWood city home in 1980 for $150,000, and pays $2,000 per year in property tax. He then
wants to move to Foster City to an equivalently valued home (now costing $900,000), where his new tax bill SHOULD be
around $15,000.
So, Patrick (sorry don't mean to make you a bad guy) applies for an exemption, and he gets it.
I just found out about this, and along with Prop 13, this is one of the bullshit scams long time BA locals use to keep
the bubble going here.
Read about it at: http://www.boe.ca.gov/proptaxes/faqs/reappraisal.htm
(OK, granted, one has to be 55 or older, OR disabled, or, I guess a veteran)
The maintenance guy at my apartment complex told me about this. He was boasting, that if he didn't have this
exemption, they couldn't have upgraded and bought their new home.
Apparently, he was able to transfer his fathers property (his childhood home his father bought in the 1950's) Which was first transferred from his father to himself (prop 13), THEN he did a Prop 60/90/110 exemption.
Now, he lives in a $900,000 home (all fixed up nice like), and pays $550 a year in property taxes.
Can't make this sh*@!t up.