Response to Viewer's' Question
May 2, 2007
This question came Monday, April 30 and is the result of a viewer's specific situation . The viewer would like to know whether it will be possisble to transfer the Proossition 13 proprty tax basis from his home of 20 years to the new home that is under construction if the old home has decreased in value and it now looks as if the new home will have a higher value thus making it impossible under Proosition 60 to transfer his property tax basis.
This is an interesting situation and I would recommend that this individual consult his tax person. A visit with the county assessor might also be helpful as to how they interpret Proposition 60. A third source of information is to "Google" CA Proposition 60 which is what I did.
I clicked on "Proposition 60 Questions and Answers". While this is an article prepared by Sacramento County, it offers more detail than I found elsewhere. Question #2 h may be helpful.
The issue that I am most concerned about is whether the questioner is building the new home as a custom construction or purchasing from a developer.
I appreciate the question and look forward to receiving more details. In the meantime, I will continue to do some research.
This question came Monday, April 30 and is the result of a viewer's specific situation . The viewer would like to know whether it will be possisble to transfer the Proossition 13 proprty tax basis from his home of 20 years to the new home that is under construction if the old home has decreased in value and it now looks as if the new home will have a higher value thus making it impossible under Proosition 60 to transfer his property tax basis.
This is an interesting situation and I would recommend that this individual consult his tax person. A visit with the county assessor might also be helpful as to how they interpret Proposition 60. A third source of information is to "Google" CA Proposition 60 which is what I did.
I clicked on "Proposition 60 Questions and Answers". While this is an article prepared by Sacramento County, it offers more detail than I found elsewhere. Question #2 h may be helpful.
The issue that I am most concerned about is whether the questioner is building the new home as a custom construction or purchasing from a developer.
I appreciate the question and look forward to receiving more details. In the meantime, I will continue to do some research.
posted by shirley harry at 7:37 AM
0 Comments:
Post a Comment
<< Home