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Proposition 13- Can You Able To Transfer Your Prop. 13 Value To Your Child(ren) Or Grandchild(ren)?
- Can You Able To Take Your Prop. 13 Value With You?
- What isThe: Proposition 58? Proposition 193? Propositions 60 and 90? Proposition 110? Proposition 50? Section 2(1) Of Art. XIIIA? Prop. 3? ... And what do they have to do with Proposition 13 and you?
PROPOSITION 13 ! AND HOW TO AVOID COSTLY HOUSING TRANSFER MISTAKES is a tough situation which opens up many emotional and financial issues to be solved. PLEASE NOTE: The material contained in this article is for information only. It is not intended to replace individualized legal advice. We strongly recommended you seek professional legal counsel for your legal issues. Can You Transfer Your Prop. 13 Value To Your Child(ren) Or Grandchild(ren)? Parent - Child Transfer
Proposition 58 allows a property owner to transfer his/her principal residence, and up to $1 million other real property to their children without reassessment. The million dollar limit refers to assessed value, not market value.· Real estate that is transferred from parent(s) to child(ren), or from child(ren) to parent(s) may be excluded from reassessment · The established Prop. 13 taxable value is not affected by the transfer · The new owner's taxes are calculated on the established Prop.13 value, instead of the current market value when the property is acquired. · $1 million limit (taxable value) on transfers of non-principal residence property · No dollar limitation on the original owner's principal residence · Generally, transfers between legal entities (i.e., corporations, partnerships) that are owned by parents or children do not qualify Grandparent - Grandchild Transfer
Proposition 193 allows grandparent(s) to transfer up to $1 million of property to his/her grandchildren without reassessment, if both parents are deceased.· Real estate that is transferred from grandparent(s) to their grandchild(ren) may be excluded from reassessment · Parents of the grandchild must be deceased as of the date of transfer · The established Prop. 13 taxable value is not affected by the transfer · Taxes are calculated on the established Prop.13 value · $1 million limit (taxable value) on transfers of non-principal residence property · No dollar limitation on grandparent's principal residence · Generally, transfers directly between legal entities (i.e., corporations, partnerships) that are owned by grandparents do not qualify You May Be Able To Take Your Prop. 13 Value With You. Age 55 And Older
Propositions 60 and 90 allows an owner who is at least 55 years of age to transfer his/her Prop. 13 value to a qualified replacement property. An owner cannot transfer their base year value more than once.Prop. 60 is a constitutional amendment approved by the voters of California in 1986. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located within the same county, if certain qualifying conditions are met. Prop. 90 is a constitutional amendment approved by the voters of California in 1988. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located in a different county, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 90. Before attempting to transfer your base year value to another county under the provisions of Prop. 90, you should contact the local county Assessor to discuss eligibility Severely And Permanently Disabled
Proposition 110 allows a property owner who is severely and permanently disabled to transfer his/her Prop. 13 value to a qualified replacement property.Prop. 110 is a constitutional amendment approved by the voters of California in 1990. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are severely and permanently disabled to transfer an existing Prop. 13 factored base year value to a replacement residence, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 110. Before attempting to transfer your base year value to another county under the provisions of Prop. 110, you should contact the local county Assessor to discuss eligibility. Substantially Damaged Or Destroyed
Proposition 50 allows an owner to transfer their Prop. 13 value to a replacement property if his/her property was substantially damaged or destroyed by a governor-declared disaster.· Taxpayer's whose property has been destroyed or damaged in a Governor declared disaster area can transfer the Prop.13 base year value to a comparable property · Property is "substantially damaged or destroyed" if it sustains physical damage amounting to more than 50% of the property's market value before the disaster occurred · Damage includes a property's loss in value due to permanently restricted access caused by the disaster Contaminated Property
Section 2(1) Of Art. XIIIA Residential property must be deemed uninhabitable due to environmental contamination, and non-residential property must be deemed unusable due to environmental contamination. Other restrictions apply.· Residential property must be deemed uninhabitable due to environmental contamination · Non-residential property must be deemed unusable due to environmental contamination · A state or federal agency must designate the property as an environmentally hazardous site · If the owner of the property caused the problem, he/she cannot transfer the base year value to a replacement property · If the owner was aware of the contamination when the property was acquired, they cannot transfer the base year value to a replacement property Property Taken By Government Action - Eminent Domain
Prop. 3 Property owners may be able to transfer their Prop. 13 factored base year value of real property taken by government action to a comparable replacement property located anywhere in California, if certain conditions are met. Value limits and other requirements apply. Prop. 3 was a constitutional amendment approved by the voters of California in 1982. It is codified in Section 68 of the Revenue & Taxation Code, and allows property owners to transfer the Prop. 13 factored base year value of real property taken by government action to a comparable replacement property located anywhere in California, if certain qualifying conditions are met. Value limits and other requirements apply. Proof of displacement and supporting documentation are required. If you enjoy this reported please go to Upper Right Hand Corner and E-Mailed this report to share with someone you really care for...Today ! Contact UsCentury 21 Casa Linda Realtors., Inc.
Mr. "Little Saigon" & Associates
13880 BEACH Blvd.
WESTMINSTER, CA 92683 Click link below for the direction how to get there: http://www.mapquest.com/maps/print.adp?mapdata=OE4WNszgW9y1GXRnHwF62BuSOQ6p1EtzX49bqBAq9eUdk%2fsc1bihnDPgb%2f%2bGzgL6TXJnpCmSODgLPcd8H72lasKw0t2qXtjElyruVQidpsquMfvwFdq9fIzolzAxkzS1fPppNMl1H0PcIPvM7ia9CtuoitHLVwx56vwm2YnlIb%2b%2fhyal2Pgz6Y%2bwFCDHwRKyn%2fhoOAkKzEkAVIJtj4eGU9BBv8G1X4bJrkoGJysiBqmau99r5Tu6R%2fnxhETMAUul8hITSbBEpzXyHI40k5tvfmTBCGAw%2fydSk9ASckNRoUWCyI7fZNq7WBMT0PE1bjCW3RDcocQAWHyhDNZcCZ4vZMqmOCS4vhvbH4sqcHCW39nxA3Y9Hliaap5bs0WhJVRJO5R2qL6%2f74x65jOIdt7UqAHXGkwJeY3QJzzccMUd94kvz8PO%2f1KhGt%2f3hUJIeZZcgOnc3EtoSyOwFM7f9PO2SBsuSHr4SQwqNCpZ%2fQC2VQFjQvLF6MgDvFLBkfkkAFN192pu4loJwVmgG887ZlC2uNECpsRJjz%2bI Business Phone: 714-531-2678 or 714-720-6858
Website: www.vinnytran.com
E-Mail: vinny@vinnytran.com |
