Shokoofeh Nowbakht

A Prop 60 Case
April 23, 2011 · · 3 Comments

I have a client who wants to sell his house and buy a duplex and wanted to know if he can benefit from Prop 60. Prop 60 allows one to transfer his current property tax to his new residence.  This is a complicated matter and does not have one simple answer. It depends on many factors such as county of property, age of the property owner, market value of the duplex and more specifically the unit he would be occupying. According to County appraiser, my client may transfer his property tax if he is over 55 years of age, and the property he sells is less than or equal to the portion of the duplex he will occupy. Of course these properties have to be primary residence. If the duplex has 2 identical units, then it’s easy, the price of the new primary residence is half of the total appraised value. But, what if the units are different in size and value. It is up to the county Appraiser to individually appraise the units after the transfer of the property. One way to do that is to distribute the total value of the duplex by its square footage. Sometimes, the appraiser may look at the comparable properties in the neighborhood and evaluate the units individually that way.      Read more

Lee Ginsburg

What is Market Value
October 28, 2008 · · 1 Comment

 

To determine pricing first one should determine present market value.  When assessing residential property four major factors account for I’d say about 75% of the value: 

  • Location · Living area size · lot size· condition/renovations of the property.

Other factors that come into play are the number of bedrooms, baths, bonus areas, in-law potential, color scheme, floor plan, pool, fireplace, single or multi story, attached or not plus more. Read more