laws

Accessory Dwelling Units CA

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The sweeping changes that California is hoping to bring to housing with the new Accessory Dwelling Unit (ADU) legislation is big news and could alter the way we live in our homes and the aesthetics of our communities in a massive way.

Turning single family homes on tract lots into Triplexes?  No more garage parking?  Where will all the stuff go?  I guess renting out the garage would surely cover storage and more.

Good or bad?  I’m sure as with everything in California…it will depend on who you ask.

Turning Your Property into a Triplex

Making Sense of New ADU Legislation

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Gary and April Greer via phone, text or email at (951) 522-0518 and april@teamgreer.com

 

 

 

Helping Seniors Transfer Property Taxes

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Portability Initiative is Designed to Help 55 and Over to Sell Their Homes and Buy Another

The California Association of Realtors (CAR) is attempting to qualify a ballot initiative, The Property Tax Fairness Initiative, that will restructure the way property taxes are calculated for buyers over the age of 55 (also the disabled and/or natural disaster victims).

CAR says, “A large part of the reason why (55 and overs are not moving) is that, even if they want to downsize or move closer to family, the prospect of a property tax increase of 100, 200, or even 300 percent, effectively locks our parents and our grandparents in their homes.” Thus, CAR maintains, “The Property Tax Initiative will help these homeowners to sell their current homes and move without being subjected to what is effectively a massive moving penalty”.

How will it help? Currently there are only limited conditions under which someone over 55 may transfer his or her old tax base to a newly purchased home. The Initiative would expand this.

“C.A.R.’s Property Tax Fairness Initiative would allow homeowners 55 years of age or older to transfer their Prop. 13 tax-base to a home of any price, located anywhere in the state, any number of times.”       –taken from realtytimes.com 2-13-18

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For All Things Real Estate                           Gary and April Greer 951-522-0518

 

 

 

New Recording Fees California

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CALIFORNIA

Affordable Housing

 Fund Document Recording Fee

With keen awareness of California’s shortage of affordable housing, the legislature passed more than 20 bills related to housing in this year’s session.

Chief among these laws is Senate Bill 2. 

This law provides a permanent source of funding for affordable housing by imposing a flat $75 per document recording fee on every real estate instrument that is NOT part of a sales transaction. In this way, SB 2 is written to ensure that the fee will not burden home purchase transactions.

The fee will be capped at $225 per transaction and coordinated with other revenue sources.

C.A.R. supported SB 2 which dedicates 20% of the funds generated to affordable workforce housing and 70% of revenues to local governments for housing.

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Gary and April Greer Connecting Buyers and Sellers since 1998 (951) 522-0518 or april@teamgreer.com