Tagged : Proposition 60

Found 2 blog entries tagged as "Proposition 60".

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I had the pleasure of representing the buyers on the purchase of their "retirement" home at 5 Pacific Drive in Novato.  Built in 1995, this Southern Novato home features 5 bedrooms, 3 baths, soaring ceilings, beautifully remodeled kitchen and a mezzanine addition perfect for a pool table. This home offers the location they wanted and the outdoor space and privacy they desired for gardening and entertaining. After a year-long search, my clients found the perfect home, a home that enabled them to take advantage of Prop. 60.  Their home of 30+ years in Corte Madera where they raised their family just came on the market today. www.20echoave.com

 

Janis Peterson, Realtor, 415-271-3109 or Janis@MarinModern.com


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Voters approved Proposition 60 and 90 in the late 1980's giving homeowners older than 55 a one-time property tax break when they sell their primary residence and buy a replacement property of equal or lesser value. The California Association of Realtors (CAR) sponsored legislation that would have extended this tax break to Seniors who buy a more expensive home. The thinking behind this Bill, which didn't make it out of the Appropriations Committee, is that many times Seniors have to spend more money to downsize to a newer home or one with a more age-friendly floor plan. This prevents many empty nesters from selling big homes they no longer need or want because they can't afford to take on a higher property tax bill.  If they were able to move, it

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