Transfer of Tax Basis - Alameda County

October 2019 | Vol. 1 | Issue 3

logo
b1
umm...b

Did you know that it may be possible to keep your property tax value when you sell your principal residence and replace it with another home (i.e. no increase in property tax base)?

Individuals age 55 and older can transfer the property tax base value on their current principal residence to a replacement dwelling located in Alameda County or in certain other California counties.

Facts about Property Tax Base Value Transfers (pursuant to CA R&T Code 69.5):

  • The original property must be your principle place of residence at the time of its sale.
  • The replacement property can be purchased within two years (either before or after) of the sale of the original property.
  • You must be age 55 or older when you sell your original residence.
  • For properties with more than one owner, only one of the owners residing at the property must be age 55 or older to qualify for this benefit.
  • This is a one-time benefit with the sole exception that if you received relief for age and subsequently became severely and permanently disabled and had to move due to the disability, you are allowed to apply for a second base value transfer.
  • You cannot receive the benefit of transferring your base year value to your replacement property under section 69.5, if you transfer your original property to your child and file a claim for parent to child exclusion under section 63.1. In this case, the base year value would no longer be yours to transfer to a replacement residence.
  • The market value of your replacement property must be equal to or less than the market value of the original property on its sale date (with some exceptions).
  • To apply and receive full relief, the completed claim form and required documents must be filed with the assessor within three years of the date the replacement dwelling is purchased or newly constructed.
  • For more information, see our FAQ brochure at

http://www.acgov.org/forms/assessor/Persons_55_Perm_Disabled_Transfer_Brochure.pdf

If you have any questions about base value transfers, please call our office at (510) 272-3797 or visit our website www.acgov.org/assessor/decreasetax/transfer-tax/senior-citizens.htm

Sincerely,

  

Phong La
Alameda County Assessor


--

Sunil Sethi Real Estate

Sunil Sethi / REALTOR, Broker, MBA, CPA(inactive), GREEN
38750 Paseo Padre Pkwy #B3, Fremont, CA 94536 

www.sunilsethi.com
BRE #01173766

Twitter  Facebook  Google +  LinkedIn  Skype  Youtube  Zillow  Yelp 

SunShares Solar & EV Discount Program - Webinar Tomorrow!


Are you interested in going solar or purchasing an electric vehicle?

Tomorrow, October 9, participate in the Bay Area SunShares Webinar from 12 p.m. to 1 p.m. and learn all about solar for your home, including how to access solar and electric vehicle discounts!

The City of Fremont has partnered with Bay Area SunShares to make it easier and more affordable for Fremont residents to install solar power or purchase an electric vehicle using pre-vetted providers. SunShares offers discounts and free workshops for residents to learn more about their clean energy and electric vehicle options. Plus, you can still take advantage of the Federal Tax Credit. 

The one-hour webinar will explain how SunShares works, the basics of solar technology, financing and incentives, the benefits of electrifying the whole home, and how to access the discounts. During the webinar, pre-vetted solar providers will be on hand to discuss their products and answer any questions you may have about going solar or buying/leasing an electric vehicle.

Bay Area SunShares Webinar
Tomorrow, October 9
12 p.m. to 1 p.m.

Register now!

Thanks!
Sustainability
City of Fremont

Sunil Sethi / REALTOR, Broker, MBA, CPA(inactive), GREEN

38750 Paseo Padre Pkwy #B3, Fremont, CA 94536 
www.sunilsethi.com
BRE #01173766

Twitter  Facebook  Google +  LinkedIn  Skype  Youtube  Zillow  Yelp 


Save Energy, Water and Money in your Home This Fall

StopWaste and Rising Sun Center for Opportunity, a local nonprofit that helps Bay Area residents conserve resources and address economic inequality, are partnering to provide no-cost Green House Calls to residents throughout the community. Things you might expect during a Green House Call appointment are:

  • A home energy and water efficiency assessment
  • Installation of efficient LED light bulbs, showerheads, and faucet aerators
  • Installation of an Advanced Power Strip 
  • Toilet leak detection test
  • Information about BayREN's (Bay Area Regional Energy Network) Home+ program that offers up to $5,000 in financial assistance and cash rebates for home energy improvements.
Sign up for appointment

-- 

Sunil Sethi / REALTOR, Broker, MBA, CPA(inactive), GREEN
38750 Paseo Padre Pkwy #B3, Fremont, CA 94536 

www.sunilsethi.com
BRE #01173766

Twitter  Facebook  Google +  LinkedIn  Skype  Youtube  Zillow  Yelp