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Tax base attracting Bay area buyers

by Diane Broussard

Since El Dorado County has extended its transfer of tax base , many buyers are selling homes in high priced areas and moving to El Dorado County. This is especially true of older people that want to retire and move to a less crowed area. El Dorado County offers nice homes on acreage at a reasonable price. With the improved freeway system and many stores moving into the area people are attracted to the beautiful foothills. Check out my web site to stay up to date on the many buys in El Dorado County

 

Transfer your tax base to El Dorado County---Prop 90

by Diane Broussard

Hello All,

Just wanted to pass on the news--El Dorado County has extended the tax base transfer for another 18 months. That means you can sell your home with a low tax base and transfer that base to the purchase of a new home in El Dorado county, if you meet the criteria below. Many people in the bay area are selling their small home for large prices and coming here to buy a nice ranch. Read this article:

TIM HOLCOMB EL DORADO COUNTY ASSESSOR Karl Weiland, Assistant Assessor PROP 90 BASICS This is basic primer on Base Year Value Transfers under Prop 60, 90 & 110. 1) Prop 60, along with Prop 90 and 110, provides homeowners the ability to buy a replacement home and not lose their older, lower base year. a. Prop 60 allows anyone who meets the requirements to transfer the base year value from an original residence to a replacement residence within the county. b. Prop 90 allows anyone who meets the requirements to transfer the base year value from an original residence in any other county to a replacement residence in another county, providing the “gaining” county passed an ordinance authorizing the transfer, which El Dorado County just passed. c. Prop 110 allows disabled persons to transfer a base year value. 2) On December 10th, 2009, the Board of Supervisors approved the introduction and 1st reading of the Proposed Prop 90 ordinance. The second reading and adoption occurred on December 15th. The proposed ordinance became effective on February 15th 2010. 3) The requirements can be generalized as follows: a. One of the property owners must be 55(Prop 60/90) or permanently disabled(Prop 110) b. The original residence must have qualified for either a Homeowner’s or a Disabled Vets exemption. c. The sale of the original principal residence and the acquisition of the replacement principal; residence must both occur within a two year period. d. The market value of the replacement principal residence must be equal to or less than: i. 100 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed prior to the date of sale of the original property. ii. 105 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed within the first year following the date of the sale of the original property, or iii. 110 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed within the second year following the date of the sale of the original property. 4) The application is filed with the Assessor. For Prop 90 or 110 transfers from another county, a $500 fee must be paid to the Assessor at the time the application is filed. It is our position that we will not accept an application fee unless we are highly confident that the base year value will qualify for transfer. Prop 60 and 110 applications for transfers within El Dorado County do not require payment of a fee to the Assessor. 5) Visit the Assessor’s web site for more detailed information. http://www.co.eldorado.ca.us/assessor/prop90info.htm 6) Contact Tim Holcomb, Assessor, 621.5755, or Karl Weiland, Assistant Assessor 621.5757 if you have questions or need assistance. ?

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Diane Broussard
Diane Broussard Real Estate with Hall and Associates
851 Pleasant Valley Road
Diamond Springs CA 95619
Cell: (209)337-8172
Home Office:(530)295-8440
Fax: 916-244-0238

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