Village News - Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

By Kim Murphy
Murphy and Murphy Southern California Realty 

Real estate roundup

 

Last updated 2/5/2018 at 3:55pm



The California Association of Realtors is putting an initiative on the November 2018 ballot that will allow senior homeowners, 55 years and older, to keep their Proposition 13 property tax savings if they decide to move somewhere else in California and no matter how many times they choose to move, no matter the sales price or location. Currently, Proposition 13 only allows this tax transfer one time, the replacement home has to be equal to or less than the value of the house they're selling and the tax benefit can only be realized in 11 counties in California, including San Diego.

The community is invited to sign the petition at Murphy & Murphy Southern California Realty, 130 North Main Avenue, in Fallbrook by Feb. 15 to get this initiative on the November ballot.

Under CAR's proposed "2018 Portability Initiative," senior homeowners could downsize again, trade up if they want to or move to that nice little condo in Palm Springs without any crippling tax penalties. If seniors can now afford to move, more family-size homes will become available. Many millennials are starting families but are quickly realizing there's a major housing shortage. Almost three-quarters of homeowners 55 and older haven't moved since 2000, according to CAR.

Also, when a senior homeowner moves out and a younger family moves in, the tax revenue to the locality increases. According to the California Legislative Analyst's Office, tens of thousands additional homeownership opportunities will occur annually if this initiative is approved.

Kim Murphy can be reached at kim@murphy-realty.com or (760) 415-9292.

 
 

Reader Comments
(1)

preston writes:

There should also be a limit to how much tax can be charged on a property. Everyone receives the same County service however those that purchased during inflated times pay substantially more. Those living on private roads should be able to deduct the road maintenance fee from their property tax bill. The people have allowed government to pile on one after another. We have the power to reverse this trend but it will require getting of the apathy train and demanding more tax reform.

 
 
 

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