by AD ➕follow (1) 💰tip ignore
« First « Previous Comments 3,796 - 3,835 of 5,213 Next » Last » Search these comments
SunnyvaleCA says
Here in California, these old folks have dirt cheap property tax due to Prop 13. They either stay put and die in situ so their kids can inherit tax free or they leave, but rent out their place until death so their kids can inherit tax free. Fortunately, now, the kinds can't get the dirt cheap tax unless they themselves live in the house.
I guess you don't know what a living trust is.
Sunnyvale seems to be right, you may want to check Prop 19.
Prop 19 does make a narrow exception for primary residences transferred only to your child, during your lifetime or after your death—but then your child must themselves live on the property as the owner.
HeadSet says
Sunnyvale seems to be right, you may want to check Prop 19.
Prop 19 does make a narrow exception for primary residences transferred only to your child, during your lifetime or after your death—but then your child must themselves live on the property as the owner.
If the house is in a living trust.they don't have to live there.
Does it mean, after Prop 19 changes, that they can inherit the house and continue getting the Prop 13 tax assessment without having to live in the house?
Should I rip the bandaid off and sell my condo?
Quite the opposite. Prop 19 removed the former ability of a homeowner to pass Prop 13 tax advantages to the kids via a Living Trust, unless the kid actually lives in that property. You may be interested in this:
ability of a homeowner to pass Prop 13 tax advantages to the kids via a Living Trust, unless the kid actually lives in that property. You may be interested in this:
https://www.bubbleinfo.com/2020/12/07/prop-19-will-trust-protect-reassessment/
When my grandmother died in 2017, her house that was already in a living trust passed to my father and uncle w/o change to property taxes. And they were not living there.
HeadSet says
ability of a homeowner to pass Prop 13 tax advantages to the kids via a Living Trust, unless the kid actually lives in that property. You may be interested in this:
https://www.bubbleinfo.com/2020/12/07/prop-19-will-trust-protect-reassessment/
When my grandmother died in 2017, her house that was already in a living trust passed to my father and uncle w/o change to property taxes. And they were not living there.
RWSGFY says
Prop 19 passed in 2020.
So? They were made trustees, not beneficiaries anyway.
So your example is irrelevant for post Prop-19 times.
RWSGFY says
So your example is irrelevant for post Prop-19 times.
Did you even read the fucking article?
Don't believe me - ask an attorney.
Yes. I also red the fucking Prop 19. Your trust won't shield you. This is the one and only point I argue. Don't believe me - ask an attorney.
With Prop 19, kids officially have to live in the inherited house to get the Prop 13 benefits. I'm just wondering... how many kids actually wind up wanting to live in their parents' ancient house? I mean... parents die at age 80, kids are therefore 50. Kids have been out of the house having their own life for 30 years and they actually want to drop everything move back to their childhood home? Seems to me that you sell the place and enjoy the tax-free inheritance.
https://www.investopedia.com/30-year-mortgage-rates-shoot-back-up-returning-to-8-territory-8401542
30-Year Mortgage Rates Shoot Back Up, Returning to 8% Territory
https://www.investopedia.com/30-year-mortgage-rates-shoot-back-up-returning-to-8-territory-8401542
30-Year Mortgage Rates Shoot Back Up, Returning to 8% Territor
https://www.investopedia.com/30-year-mortgage-rates-shoot-back-up-returning-to-8-territory-8401542
30-Year Mortgage Rates Shoot Back Up, Returning to 8% Territory
Los Angeles Mansion Owners Test $150,000 Rents as Sales Slump
Some owners are seeking to lease luxury properties instead of selling as a new mansion tax and entertainment industry turmoil loom over the market. ...
Ken H. Johnson, associate dean at Florida Atlantic University’s College of Business, suggests a broader market trend. He notes that the cost of buying is currently about 8% higher than renting in the L.A. area, indicating a potential future decline in both rental and sale prices.
"As the owner of short-term rental, I think you’re going to get a supply shock in LA," he said. "A lot of people are cashing out of LA now and moving. You’re probably at a peak price."
zzyzzx says
https://www.investopedia.com/30-year-mortgage-rates-shoot-back-up-returning-to-8-territory-8401542
30-Year Mortgage Rates Shoot Back Up, Returning to 8% Territor
From what I recall, the 30 year mortgage rate usually is about 1.5% higher than the 10 Year Treasury.
And also I recall that most mortgages are paid off on average in 7 years since people will move on average about every 7 years.
The Fed should just let all those mortgage back securities (MBS) to be paid off and just sit back and not buy any new MBS for next 5 years as part of quantitative tightening (QT).
.
Prices WAY up in Rio Vista
The $240/month HOA is just adding insult to injury.
Isn't that cheap by California standards?
$435,9002 bd 1,255 sqft
2085 Park Pl, Rio Vista, CA 94571
Price/sqft:$347
Lot:5,001 sqft (good size relative to what other builders are offering)
Estimated monthly cost$3,145
I doubt that it is cheap!
zzyzzx says
Isn't that cheap by California standards?
https://www.zillow.com/homedetails/2085-Park-Pl-Rio-Vista-CA-94571/300242938_zpid/
$435,9002 bd 1,255 sqft
2085 Park Pl, Rio Vista, CA 94571
Price/sqft:$347
Lot:5,001 sqft (good size relative to what other builders are offering)
Estimated monthly cost$3,145
I doubt that it is cheap!
RedStar says
But who the hell wants to live in the Delta?
Farm workers?
RWSGFY says
RedStar says
But who the hell wants to live in the Delta?
Farm workers?
Long time ago, I remember, one of those gov agency warned to evacuate lot of low lying areas. But more people start moving in!
They must be ready for floods at some point unless they pay food insurance. I suspect there should be mosquito issues around.
Corcoran, one of the largest cities on the lake bed, has a population of around 22,000, but only five of its households participate in the National Flood Insurance Program. Furthermore, the Federal Emergency Management Agency hasn't updated federal flood maps to account for the past decade of subsidence, so many residents in flood zones may not even be aware of the risk they face.
« First « Previous Comments 3,796 - 3,835 of 5,213 Next » Last » Search these comments
https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.