How The Rich Keep Their Money

Prop 19: Understanding the Changes to California's Property Tax Laws Proposition 19, or Prop 19, is a California state law that was implemented on April 1, 2021. The law changes the property tax laws in California and affects homeowners, wildfire victims, and severely disabled individuals. In this blog post, we will discuss the changes brought about by Prop 19 and what they mean for Californians. What is Prop 19? Prop 19 is a law that changes the rules around property tax assessments in California. The law has two main components: It allows homeowners who are 55 years or older, severely disabled, or wildfire victims to transfer their property tax assessments to a new home anywhere in the state. It eliminates the ability to transfer property tax assessments from parents to children or grandchildren unless the new owner uses the property as their primary residence. Who is affected by Prop 19? Prop 19 affects several groups of people: Homeowners who are 55 years or older, severely disabled, or wildfire victims. Children or grandchildren who inherit property from their parents or grandparents and do not use the property as their primary residence. How does Prop 19 affect property tax assessments? Prop 19 changes the rules around property tax assessments in several ways: It allows eligible homeowners to transfer their property tax assessments to a new home anywhere in the state, regardless of the value of the new home. It limits the ability to transfer property tax assessments from parents to children or grandchildren. The new owner must use the property as their primary residence, and the property cannot be worth more than $1 million over the assessed value of the previous property. It allows eligible homeowners to transfer their property tax assessments up to three times in their lifetime, while wildfire victims can only use it once. How can homeowners take advantage of Prop 19? To take advantage of Prop 19, homeowners must meet certain criteria: They must be 55 years or older, severely disabled, or wildfire victims. They must sell their primary residence and purchase a new home within two years of the sale. They must file the necessary forms with the county to transfer their property tax assessment. The new home can be worth more than the previous home. What are the benefits of Prop 19? Prop 19 provides several benefits to eligible homeowners: It allows them to transfer their property tax assessment to a new home anywhere in the state. It allows them to purchase a new home that is worth more than the previous home. It allows them to transfer their property tax assessment up to three times in their lifetime. What are the downsides of Prop 19? Prop 19 has some downsides: It limits the ability to transfer property tax assessments from parents to children or grandchildren, making it more difficult for families to keep property in the family. It could result in higher property tax bills for some homeowners. What should homeowners do? Homeowners who are eligible for Prop 19 should consult with an experienced estate planning attorney to determine how the changes brought about by the law affect them. They should also explore their options for transferring their property tax assessment and understand the potential impact on their property tax bills. Prop 19 is a significant change to California's property tax laws. It provides several benefits to eligible homeowners, but it also has some downsides. Homeowners should consult with an experienced attorney to determine how the changes affect them and make informed decisions about their property.   #Prop19 #Californiapropertytaxassessments #homeowners #wildfirevictims #severelydisabledindividuals #propertytaxbills #estateplanningattorney #transferpropertytaxassessment.  

View more

How to buy a home in another state before moving

How to buy a home in another state before moving! Are you thinking about buying a house long distance? Here are five tips for you that are going to make your life a whole lot easier. When you do your research, you’ll quickly discover that there are a lot of different types of neighborhoods and areas in most urban and suburban territories. Which one is right for you is going to depend on a lot of different factors. Figuring out what’s important to you is really going to play a factor. Are you looking to get into a great school district, looking to find a great walking area, want to be near the beach or be in the downtown area. Try to start narrowing it down based on lifestyle choices and that’s going to help bring in the focus so that when you’re ready to actually come pay a visit you won’t be driving all over the place. You’ll have it already narrowed down to the communities that are going to best represent what you’re actually looking for. Find a local realtor that you can work with! I work with out of area buyers who identify properties that they would like to consider and I go videotape walkthroughs of those properties to help narrow it down for them because they might decide once they’ve actually seen the video footage the property is what they are looking for. On the other hand if they really love it we will make an appointment to see the property when the buyer gets to town. Narrow down your scope to the cities where you actually found some houses that you think might work for you. Get specific about how many properties you can realistically see while you’re out here. If you’re only in town for a couple of days seeing tons of homes is not going to be super realistic. You’re going to run yourself ragged and eventually the homes are just all going to run together which means you’re not going to remember the first one from the last. Know your market! If you are working with a professional realtor they will be able to help you identify things like is it a buyer’s market or a seller’s market at this particular moment. Now as of this taping in 2021 I can definitely tell you it is a seller’s market. However, the market is always changing so you want to be sure to work with someone who actually has their ear to the ground. Your realtor will help know where you stand in the negotiations, help you put an offer that is more likely to be accepted and that’s going to be a win-win. You don’t want to keep flying back and forth especially if you’ve found your dream home! Now let’s pretend that you’ve come to town, you’ve done your tours, you’ve found your perfect house, your realtor has put in your offer and it got accepted (Yay, awesome news). Now you have to fly back home…. You will want to do your inspections even if you are not in town to do them. Your realtor should be able to do that for you! They will be your boots on the ground to make sure that all of the inspections that you need to have taken care of are done for you. -Bonus Tip- Last but not least, closing! Are you planning to close where you are currently or where you are purchasing? I highly recommend that you do the closing where you’re purchasing the property. Here’s why – let’s say you’ve arranged to have the documents sent to a title company or escrow company so you are able to go in and sign. Once you’re done signing you package it all up and send it off to the receiving end. They find a missing signature well now that’s going to delay the close which can run into other problems especially if you’ve got loans. I highly recommend you just hop on that plane, sign on the dotted line and then you are good to go with no worries. If you are looking to buy a home in another state before moving and would like some information feel free to reach out! Since 2004, I have been a Realtor® in Southern California. Thank you for watching and sharing my videos and blogs! I love to help educate people. I am blessed to live just 2 miles from the shore here in Long Beach. Favorite thing? Anything involving the arts; music, visual, filmmaking, you name it! If you want to talk to me about SoCal real estate feel free to email, text or call me. I hope we get to meet one day soon 🥰 I might be your Realtor IF, you like:Hybrid driving, intuitive tree hugger who knows how to negotiate and close a deal that serves all!Other noteworthy assets: Obsessive attention to detailCan sing and will sing anytime, anywhere.Willing servant to a rescue dog named GGMarvel Comic fanatic (Yes, I said FANATIC)Ability to laugh at life when crap goes sideways, cuz every once in a while, it just does (can you say pandemic?)Ardent student of lifeBreathing in Love. Breathing out Love.If that sounds like your jam, let's connect!!!Kelly CorsinoLife@CoastalLivingByKelly.com(714) 227-0712DRE01704102ΓEA⅃ Broker

View more