Sunday Streets kicks off its 10th anniversary season in the Mission this Sunday. From Duboce Avenue to 26th Street, Valencia Street will be turned into to a car-free community space for all to enjoy. Also on Sunday, the EmBARKadero St. Patrick’s Day Parade & Cocktails event happens, starting at 10AM at Brannan Street Wharf and ending at Pier 23. The pup and human with the best St. Patty’s costumes will win prizes!
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 3/4/18 – 3/10/18
A Tax Break You May Not Know About
As we’ve been reporting, the inventory of homes for sale is incredibly low. We’re hearing from homeowners who bought their homes years ago — and pay property taxes based on that relatively low original purchase price — that they are reluctant to sell their properties, in part because they don’t want to pay higher taxes on the higher priced replacement homes they would need to buy. They are worried about this even when downsizing.
It turns out, however, for people over 55 this is not an issue! Thanks to Propositions 60 and 90, you will be able to continue to pay the property taxes that you are currently assessed even after buying that new home.
Say you bought a place many years ago for $300,000. Even though that home is now worth perhaps $1,300,000, your property taxes are still roughly based on your original purchase price — keep in mind the assessed value goes up each year by no more than 2% and your taxes are based on the then current assessed value. Let’s say you want to downsize, Propositions 60 and 90 make it possible for you to buy a new home for $1,300,000 or less, and continue to pay the lower property taxes you are already paying.
As you might imagine, some restrictions apply. But this is clearly doable, and a wonderful option for homeowners who may not be aware that this tax break is available to them. Why not talk to your tax consultant and see what’s possible.
For details, and more information on Propositions 60 and 90, please click on, or copy and paste, the link that follows: http://bit.ly/2t1lEdV