It’s no secret that inventory is low in San Francisco right now. One reason is that people who would like to downsize (and sell that mansion) after their children go off to school are hesitant to do so. I summarize an article here (cited below) to make people aware of a once in a lifetime tax benefit that could help them downsize. In California, Proposition 13 limited their annual property taxes to 1% of the sales price of their property, …
Carol Solfanelli | Compass | DRE License # 01347033 |
415-297-7031 | carol.solfanelli@compass.com
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Top 1.5% of 1.6 Million Agents Nationwide
2022 Real Trends America’s Best Real Estate Professional
Top 1.5% of 1.6 Million Agents Nationwide
Tag: Proposition 60
A client of mine recently sold his beautiful home in Noe Valley. In the next year or so he would like to purchase another property. Since he just turned 55 this year, he is fortunate to have the opportunity to buy a property of lesser value within the next two years and transfer the original tax assessment of the property he just sold to his new residence; this will result in him paying less in real property taxes. Proposition 60 …