Newport Beach CA Real Estate Shows Positive Home Selling Territory
Newport Beach is moving in a positive direction with home selling this year at Orange County CA real estate.
Live at Newport Beach CA
Good music and fun expected
Hyatt Regency Newport Beach Jazz Festival 2013

May 31, 2013 – June 02, 2013
Location – Hyatt Regency, 1107 Jamboree Road, Newport Beach, CA 92660

at Hyatt Regency Newport Beach
See event website - or www.VisitNewportBeach.com
People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.
Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978. 
Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year. (This assessed value can be increased by as much as two percent per year by the county assessor.)
Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.
If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house - while taking advantage of transfer of Proposition 13 property tax basis.
California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).
Proposition 60 was a constitutional amendment approved by the voters of California in 1986.
This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met. This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.
The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:
a) Both the original property (former residence) and its replacement must be located in the same county. If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.
b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.
c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.
d) The replacement dwelling must be of equal or lesser value than the original property.
e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.
f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.
g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.
h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.
Professional REALTOR® agent and broker representation - for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.
People ask us about strategy for listing and selling Orange County CA homes and real estate.

Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.
Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.
Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.
____________________________________________
Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.