Wishing you a Happy Valentine's Day and President's Day this three-day weekend!
We Were a HomeSmart 
Top-Producing Team for 2020!

We are grateful for being a part of our clients' home selling/buying process last year, especially under special circumstances. We worked from Crestline, to Forest Falls, to Palm Desert as well as LA and Orange Counties!

If you know anyone who is thinking of buying or selling this year, we would love your referrals!
Proposition 19: Property Tax Exemptions from Reassessment

New Rules on Tax Basis Portability With the passage of Proposition 19, a homeowner who is over 55 years of age, severely disabled or whose home has been substantially damaged by wildfire or natural disaster may transfer the taxable value of their primary residence to:

• A replacement primary residence
• Anywhere in the state
• Regardless of the value of the replacement primary residence (with adjustments if "greater" in value)
• Within two years of the sale
• Up to three times (but without limitation for those whose houses were destroyed by fire)

Proposition 19 will supersede the old rules which limited this exemption to the sale and purchase of a principal residence within the same county (Proposition 60) or between certain counties (Proposition 90) -- but only if the replacement property was of "equal or lesser value" and only one time.

Purchases and Sales Before April 1, 2021

Although we believe that the tax benefits under Proposition 19 apply to transactions where either the sale or purchase of a primary residence takes place before April 1, 2021, as long as the subsequent sale or purchase takes place within two years and on or after April 1, 2021, others have taken the position that both the sale and purchase must occur on or after April 1st, 2021. C.A.R. will seek official clarification of this issue. As always, our advice to agents is to not give legal or tax advice -- especially on an issue that is so consequential and presently has no definitive answer. If an agent has a client who wishes to obtain the tax benefits of Proposition 19 for a transaction that closes prior to April 1, 2021, whether it is buying or selling a property, the client should be encouraged to seek the advice of a qualified California real estate attorney or tax advisor. Nonetheless, owners of real property that qualify under Proposition 60 or 90 can still take advantage of those features until April 1, 2021. (If an owner never took advantage of these and were qualified, they might be able to get a refund of taxes already paid.

Family Transfers and Family Farms

Proposition 19 also changes the rules on exemptions from reassessment for intergenerational transfers by limiting the exemption to the transfer of a primary residence to a child (or grandchild) only when the property continues to be used as a family home by the child (or grandchild), and even then, if the divergence between the taxable value and the actual value is too great, a partial increase in the new taxable value will be imposed. Proposition 19 also includes provisions that would allow the transfer of a family farm to retain its taxable value. These new rules apply to any purchase or transfer beginning February 16, 2021.
December 2020 Market Update from the California Association of Realtors
Supporting Local Restaurants

In supporting local struggling restaurants, we created a Facebook group last April to help support local restaurants during Covid-19. We encourage you to join and post your favorite takeout and places to dine to support restaurants during this time. Restaurant owners can also join and post specials, new hours, etc.

Tune in to "California Dreaming" a documentary sponsored by California Association of Realtors

CAR has partnered with ABC to present a new documentary, California Dreaming. The 30-minute special will air on KABC-TV, Los Angeles, KGO-TV, San Francisco, and KFSN-TV, Fresno at 9 p.m. (Pacific) on Saturday, Feb. 13. It can also be streamed online.

6248 Riviera Cir
Long Beach, CA 90815
Who You Hire to Sell Your Home Matters!

Selling a home is an incredible journey. We are a full-service real estate team that will be with you from beginning to end. Some of what we provide:

• Advice and assistance with getting your property ready for market
• An effective marketing plan tailored for your situation
• Expert skills to negotiate on your behalf, and navigate through the process of getting your home sold!
Contact Us

Are you you wondering if this is the right time for you to buy or sell? Contact us to find out what your home is worth or if you have any real estate-related questions!

Suzanne Padilla Gillogly
Cell: 562-833-3150
DRE: 01718096

Christina Fletcher
Cell: 562-276-5110
DRE: 01979075
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