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Most recent articles

Parents-to-Children Transfers

This is solely about the transferring of the property-tax basis between parents and children, not income tax.

http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm

What are Propositions 58 and 193?

Proposition 58, effective November 6, 1986, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property between parents and children. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code.

Proposition 193, effective March 27, 1996, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property from grandparents to grandchildren, providing that all the parents of the grandchildren who qualify as children of the grandparents are deceased as of the date of transfer. Proposition 193 is also codified by section 63.1 of the Revenue and Taxation Code.

In the State of California, real property is reassessed at market value if it is sold or transferred and property taxes can sometimes increase dramatically as a result. However, if the sale or transfer is between parents and their children, or from grandparents to their grandchildren, under limited circumstances, the property will not be reassessed if certain conditions are met and the proper application is timely filed.

These propositions allow the new property owners to avoid property tax increases when acquiring property from their parents or children or from their grandparents. The new owner’s taxes are calculated on the established Proposition 13 factored base year value, instead of the current market value when the property is acquired.

Which transfers of real property are excluded from reassessment by Propositions 58 and 193?

  • Transfers of primary residences (no value limit)
  • Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor.
  • Transfers may be result of a sale, gift, or inheritance. A transfer via a trust also qualifies for this exclusion. For property tax purposes, we look through the trust to the present beneficial owner. When the present beneficial ownership passes from a parent to a child, this is a change in ownership that is eligible for the parent-child exclusion.

What value of the transferred property is counted toward the $1 million exclusion limit?The Proposition 13 value (factored base year value) just prior to the date of transfer. Usually, this is the taxable value on the assessment roll. If a property is under a Williamson Act (open space) or Mills Act (historical property) contract, it is the factored base year value that is counted, not the restricted value.

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Posted by on Jul 27, 2017 in Jim's Take on the Market, Tips, Advice & Links | 0 comments

The Rising Tide

Climate change has been hotly contested, and who knows what the eventual outcome will be.  It’s unlikely that we will have to worry about any possible effects, but your kids might – and look out Mission Beach!  Hat tip daytrip!

http://www.latimes.com/local/lanow/la-me-sea-level-rise-california-20170724-story.html

As glaciers melt amid the heat of a warming planet, scientists predict that coastal communities in the United States could eventually experience flooding from higher tides.

Conservative estimates range from an increase of about one to four feet in sea-level rise by the end of the century. Experts also warn that people should be prepared for unlikely but extreme scenarios of up to eight feet in sea-level rise, which would cause severe and chronic flooding in hundreds of coastal cities.

Grappling with this problem would be expensive for local governments. Anticipating the costly possibility, the city of Imperial Beach and the counties of Marin and San Mateo last week filed potentially groundbreaking lawsuits to push large oil and coal companies to foot the bill.

According to scientists, sea-level rise is underway in some seaside neighborhoods and comes on top of the potential for large storms to intensify because of climate change. Cities along the East Coast — such as Miami, Boston and Charleston, S.C. — face the greatest risk, but flooding is also projected to harm much of San Diego County’s coastline in the coming decades.

The major questions currently are: How much flooding will vulnerable cities experience, and how fast?

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Posted by on Jul 26, 2017 in Jim's Take on the Market, Local Flavor, Local Government, Thinking of Buying? | 4 comments

Mid-Century Modern For Sale

The homeowner/agent Keith has been running a great blog for years now on mid-century modern homes around San Diego – I appreciate fellow bloggers!

http://www.modernsandiego.com/

From the MLS:

Widely published, the Bobertz House by Craig Ellwood & Associates has been recognized as one of the most important post-War residential designs in all of San Diego County. For sale publicly for the first time since 1967, The Bobertz House has been documented throughout its path to restoration. A likely candidate for Historic Designation and The Mills Act, this home uniquely defines Southern California indoor-outdoor living. This home speaks to those longing to recapture mid-century modern living.

More photos here:

https://www.zillow.com/homedetails/5503-Dorothy-Dr-San-Diego-CA-92115/52518067_zpid/

Asking price is $800,000.

Posted by on Jul 26, 2017 in Interesting Houses, Jim's Take on the Market | 1 comment

Trendy Tuesday By Kayla

Pro Designers’ 14 Decor Pet Peeves

Elle Decor featured an article that I thought I would share! We always like to get ideas from Pinterest, interior designer’s blogs, Instagram, etc. to make our home not only “homey” but TRENDY! But there are times when we think we are pro designers (when we totally are not) and tend to over-design.

Here is the full article below:

http://www.elledecor.com/design-decorate/g3419/pro-designers-pet-peeves/?src=arb_fb_d&mag=eld&dom=fb

These were my top 5:

1. Matching art to decor – I am totally guilty of this one. I have matched my entire bedroom to my wall art… that is a major no-no. I now like to have muted tones for my furniture and then have the art and decor be pops of color.

2. Poorly positioned art – I think everyone can agree on this. There is nothing worse when you have to look up (and eventually get a crick in your neck) at art. Same with the TV! No one wants to watch a movie when that requires you to lift your head for 2 hours.

3. Too many open shelves – This just stresses me out. It’s nice to have some doors to hide the chaos especially in the kitchen – I don’t have enough time to straighten out all my mugs, cups, wine glasses, etc! Plus I’m not sure if we need to show off my souvenir mug I got from Disneyland ten years ago…

4. Skimpy curtains – This honestly reminds me of a fraternity house. Believe it or not, there are people that have curtains too short for their window! The designer Natalie Kraiem (http://www.nataliekraiem.com/) prefers to have them hang an extra inch or two longer. She also likes to hang the rods or tracks below the crown molding to make the ceilings appear taller.

5. Too much clutter – Less is definitely more. I love to accessorize the wall decor, but sometimes one larger item is better than tons of mini items.

What are your decorating pet peeves?

Posted by on Jul 25, 2017 in About Kayla, Kayla Training, Klinge Realty | 2 comments

San Diego Case-Shiller Index, May

The fifth strong month in a row – our index is going up almost 1% per month:

San Diego Non-Seasonally-Adjusted CSI changes:

Month
CSI-SD
M-o-M chg
Y-o-Y chg
December
203.45
-0.3%
+5.0%
January ’15
204.67
+0.6%
+5.0%
February
205.94
+0.6%
+4.6%
March
208.52
+1.2%
+4.6%
April
209.78
+0.6%
+4.5%
May
211.57
+0.9%
+4.8%
June
212.09
+0.3%
+4.6%
July
214.58
+1.1%
+5.4%
August
215.34
+0.3%
+5.9%
September
216.48
+0.6%
+6.6%
October
215.62
-0.3%
+6.2%
November
216.35
+0.3%
+6.0%
December
217.67
+0.7%
+7.2%
January ’16
218.79
+0.4%
+6.9%
February
219.00
+0.1%
+6.4%
March
221.34
+1.0%
+6.2%
April
222.99
+0.8%
+6.3%
May
225.10
+0.9%
+6.4%
June
226.10
+0.3%
+6.4%
July
227.53
+0.6%
+6.0%
August
227.86
+0.1%
+5.8%
September
227.98
+0.1%
+5.3%
October
228.34
+0.2%
+5.9%
November
228.89
+0.2%
+5.8%
December
229.41
+0.2%
+5.4%
January ’17
231.21
+0.8%
+5.7%
February
233.31
+0.9%
+6.5%
March
235.61
+1.0%
+6.4%
April
237.59
+0.9%
+6.6%
May
239.84
+0.9%
+6.5%

The highest reading of the San Diego NSA CSI was 250.34 in November, 2005.

The most-recent low point was 144.43 in April, 2009.

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Posted by on Jul 25, 2017 in Jim's Take on the Market, Same-House Sales | 2 comments