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Monthly Archives: July 2011

Proposition 90 Update

In today’s world there is much discussion about whether taxes should be raised or lowered and whether government spending needs to be curtailed or increased. At times in can become mind boggling and downright depressing to think about, especially since its plastered daily all over the news. I suppose that we might as well get used to this being the topic of discussion because a national election is a little over one year away.

So many people I talk to are just weary of all of this and need some good news. Well the bright spot for those who are 55 years or older and wish to transfer their existing property tax base, then that possibility currently exists in 8 cooperating counties in California which are; Alameda, El Dorado, Los Angeles, Orange, Santa Clara, San Diego, San Mateo and Ventura counties. This of course makes sense only when the property one is selling has a lower property tax base than what the replacement property tax base would be.

Consider this scenario as an example of what I mean. Let’s assume that your current annual property tax bill is $1000 and you could sell your home for 375,000. You want to move to another county (i.e. El Dorado County) where the home you want is 350,000 and you have enough proceeds to pay cash for the home but the new property tax bill will be approximately $4375. This makes a potential move less desirable if you are on or soon to be on a fixed income.

This is where Proposition 90 comes into play and let me provide a basic summary of the process. In order to qualify you must be 55 years or older and the property that you sell must qualify as your primary residence. In addition the property that you sell needs to be valued at equal or greater than the replacement property. If you meet these criteria then you should be able to transfer your existing base year value to the replacement property, assuming the replacement property is in a county which has adopted Proposition 90. There are a couple of unique circumstances which may allow for a slight modification where the sales price is higher on the property which is purchased but it is best to confirm that information with the cooperating county or you can contact me so that I can steer you to the right source. Check out this web site (http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#2) for any additional information or frequently asked questions on Proposition 90.

There is another similar Proposition (Proposition 60) that was passed by the California voters and it allows for a homeowner who meets the same basic criteria as mentioned above, to transfer their tax base within the same county.

Just one little bit of insight that I would like to share is the abundance of affordable homes in and around El Dorado County which is one of the many locations that I service. It is also very convenient that El Dorado County has adopted the Proposition 90 ordinance. In El Dorado County you will find quality homes at bargain prices and many of them have large lots or acreage to go along with it. Some of our vacant land is being sold literally “dirt cheap” and remember what Mark Twain said; “buy land, they’re not making any more of it”.

Whether you are interested in utilizing the benefits of Proposition 90 or you just need good sound real estate advice, then please feel free to contact me. If I don’t have the information then I will find it or direct you to the place where it can be found. Please remember that I service a multi-geographical area and I network with a large group of realtor’s, brokers and mortgage professionals to help service all of your real estate needs. I can be reached at (530) 363-8662 or mikesouthwick@gmail.com

Written by:
Mike Southwick
Use by Permission only
 

August Events in Placerville, El Dorado County, Sacramento and Surrounding Areas

Summer is well under way and as we begin to think about the fall there are still plenty of fun things to do in and around Placerville, El Dorado County and the surrounding Northern California Counties in the month of August. Be sure to mark your calendar for the upcoming 3rd annual Car Cruise (August 6th) hosted by the California Automobile Museum, the Northern California Blues Festival (August 5th and 6th), the NORCAL All Sports Health and Fitness Expo (August 6th and 7th), the Nevada County Fair (Aug. 10-14), and the Placerville Craft Faire (August 14th).  

In addition to these events, don’t forget that every Thursday during the summer months there is a free concert at the El Dorado Hills Town Center from 6-8 pm. Also, every Saturday the Placerville Speedway features sprint car, pro-stock and pure stock car races that is fun for the whole family. And don’t miss the Sacramento Antique Faire every 2nd Sunday of the month from 6:30 am to 3 pm. Last but not least the Sacramento Rivercats baseball season is in full swing with the final home game of the season being played on September 1. For more information click on this link for a detailed list of events – August Events

 
 

The Burger Barn – Pollock Pines

If you are anywhere near Pollock Pines and if you are hungry then you need to stop at the Burger Barn. This restaurant features a large selection of various, burgers, hot dogs and sandwiches at very reasonable prices. I personally enjoy a good hamburger and consider theirs to be one of the best! Their prices compete well with any fast food prices and the quality of the food and the service makes this a good choice for anyone looking for a good dining experience. Stop by for a visit and I don’t believe that you will be disappointed! Tell them the Placerville Real Estate Guy sent you. The Burger Barn is located at 6404 Pony Express Trail in Pollock Pines and their phone number is (530) 344-7167. They are closed on Mondays.

 
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Posted by on July 22, 2011 in Local Restaurants

 

July Events in Placerville, El Dorado County, Sacramento and Surrounding Area

Summer is here, the weather is hot and there are plenty of fun things to do in and around Placerville, El Dorado County and the surrounding Northern California Counties. Be sure to mark your calendar for the upcoming California State Fair (July 14-31), the Classic Car Show and Poker Run held in Foresthill CA, the El Dorado County Italian Festival (July 23-24) and the Amador County Fair (July 28-31). In addition to these events, don’t forget that every Thursday during the summer months there is a free concert at the El Dorado Hills Town Center from 6-8 pm. Also, every Saturday the Placerville Speedway features sprint car, pro-stock and pure stock car races that is fun for the whole family. For more information click on this link for a detailed list of events – July Events schedule