Housing Outlook for the Rest of 2020The average home price in Los Angeles County for the first 5 months in 2020 was $472,565 which is an increase of 13.5% percent compared to the average home
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Transfer Your Low Property Tax Rate to Your New Purchase
Proposition 60/90 or called the “Empty Nest Act” was enacted on July 23, 1987 and provided that persons who are over 55 years of age may buy a new home of equal or lesser value and transfer their “base year” taxes to the new home. This meant that after the kids move out, Mom and Dad could downsize and not be penalized by having to pay property taxes on the current value on their new home purchase.
The home must be in the same County (prop 60) or anywhere in the State of California (prop90). Some rules apply. Counties accepting the Prop 90 are Alameda, Kern, Los Angeles, Marin, Modoc, Monterey, Orange, San Diego, San Mateo, Santa Clara and Ventura. For more information, call Jack Lees at 818 262-0924. I’m here to help!