Props 58 and 193 make it easier to keep property “in the family.” In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Proposition 193 expands this tax relief to include transfers from grandparents to grandchildren. In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion.
These constitutional initiatives provide property tax relief for real property transfers between parents and children, and from grandparents to grandchildren.
Requirements and Guidelines for Propositions 58 and 193
- The principal place of residence must have been granted a Homeowners’ Exemption or Disabled Veterans’ Exemption before the transfer. This residence need not be the new principal residence of the person that acquired the property.
- No limit is placed on the assessed value of a principal residence that may be excluded from the reassessment.
- In addition to tax relief on the principal residence, you may claim an exclusion on transfers of other real property with an assessed value of up to $1,000,000.00
- The $1,000,000.00 exclusion applies separately to each eligible transferor. A $2,000,000.00 limit applies to community real property of an eligible married couple.
- Transfers by sale, gift or inheritance qualify for the exclusion.
- Transfers between parents and children as individuals, from grandparents to grandchildren as individuals, between joint tenants, from trusts to individuals, or from individuals to trusts may qualify for the exclusion. Transfers from grandchildren to grandparents are not eligible for this tax relief.
- Transfers of ownership interests in legal entities, aside from most trusts, do not qualify for the exclusion.
- A claim must be filed within 3 years after the date of purchase or transfer for which the claim is filed or prior to transfer to a third party, whichever is earlier, or within 6 months after the mailing of the notice of supplemental or escape assessment, issued as a result of the transfer for which claim is filed. Untimely filed claims are subject to certain conditions, i.e., the property must not have transferred or resold to a third party and the claim will only apply to future tax years.
- If reassessment of your property occurs before the approval and processing of your timely filed claim,the reassessment may be reversed. In these situations, a corrected tax bill and/or a refund will proceed.
Information deemed reliable as of 4/11/19 but not guaranteed. We recommend talking with a title company, your tax attorney or CPA for more information. For expanded definitions of prop. 58 & 193, see Revenue and Taxation (R&T) code section 63.1.
It is available online at www.boetaxes.ca.gov/property
The real estate market in Lawndale and Gardena picked up a bit in February of 2019 compared with the previous year. Gardena saw 19 homes sale in February of this year compared with 19 the year before. Lawndale saw a slight increase of almost 3.5% in the average price of the homes sold over the year earlier. Hawthorne prices were almost 8% higher than in February of 2018.
See the current homes for sale in El Camino Village and Bodger Park
We are proud to announce the recent sale of 3902 W 148th Street, Hawthorne, CA 90250 in Bodger Park. We’re so happy for our clients Kevin and Stephanie on the purchase of their first home. This was a beautiful 3 bedroom 2 bath single family home with 1581 sq feet, great curb appeal and a nice tree lined mid block location. Congratulations!!!!
Contact us to see how we can help you find your dream home in Bodger Park, El Camino Village and beyond!
What are the reasons you should use a buyer’s agent?
With more resources available on the Internet, you may be considering buying a home without using the services of a professional real estate agent. After reviewing these 50 services an agent would typically perform for their clients, you may want to reconsider! Remember, agents don’t get paid until the home purchase is complete. It is their job to do the best they can to help you through a smooth experience, save you money and achieve your goal of buying a home.
Here are some of the many reasons to use a buyer’s agent:
- Analysis of your real estate needs and determine what housing areas and options might work best
- Research properties. As an expert in the area, the right buyer’s agent can get you detailed information about properties you’re interested in. Having a realtor that understands the differences between El Camino Village, Bodger Park and the surrounding areas of Hawthorne, Gardena and Lawndale can make a big difference.
- Send you listings that match your needs – the right agent understands what you’re looking for in a home and can send you custom email alerts whenever a new home in El Camino Village or Bodger Park, or other areas hits the market.
- Provide information pertaining to your move or relocation and short-term stay options
- Educate you about home buying processes. Buying a home has a lot of moving pieces…adding to an already stressful emotional and financial process. A good agent can guide you through the process
- Provide information on market conditions, schools, communities, employment, and more
- Discuss your financing needs and options
- Recommend qualified mortgage brokers
- Make appointments and show properties that works around your schedule. Open houses are great, but not every listing has them and sometimes a private tour is more beneficial
- Provide timely and professional disclosure and research on homes, markets and neighborhoods
- Home tour review: pros & cons of each property
- Point out important items while showing that buyer’s may overlook
- Follow up of loan application with your selected mortgage broker
- Help cleaning up your credit if needed
- Analyze purchasing timeline and needs once property is located
- Free Comparative Market Analysis (CMA) of a property in order to make an educated offer
- Call listing agent to get updates on property including interest, offers, etc.
- Create and send draft of the offer and prepare paperwork
- Research tax and title records
- Explain all paperwork before signing
- Collect proof of funds from buyer, preapproval letter, personal letter to seller(if warranted)
- Generate estimate of closing costs
- Write offer, send out for electronic signatures, provide verification to listing agent
- Review and explain final contract
- Submit contract and follow up with listing agent to confirm receipt and follow up questions
- Negotiate contract until mutually agreeable. Working with and expert negotiator can make all the difference
- Set deadlines for final acceptance by all parties
- Send the escrow company the executed contract and help get escrow opened upon acceptance
- Schedule and attend the home inspection
- Schedule and attend the termite inspection
- Recommend insurance agents to you
- Verify loan process has begun
- Obtain all seller and listing agent disclosures and explain documents to buyers
- Perform agent “visual” inspection of property
- Review home inspection findings with you. A home inspection (and the results!) can be scary especially for first time home buyers. A good agent can walk you through the report and explain the differences between thinks that need to be repaired or addressed, and updates and upgrades that buyer’s might like, but sellers may not consider
- Negotiate repairs if needed
- Help order an appraisal
- Assist to meet finance deadline
- Monitor and manage contingencies and contingency periods – financing, home inspection, appraisal, etc.
- Check on homeowners insurance
- Verify that the title agency has all necessary documents
- Follow up with the lender on all aspects of closing process
- Get information on utilities
- Schedule closing: time and place
- Review escrow and lender closing statement
- Arrange and attend a final walk-through
- Ensure that escrow has determined the funds to be brought to closing
- Coordinate between lenders and title company to determine amount needed
- Explain everything that happens at closing
- Arrange closing and access
- Give you the keys to your new home!
- Follow up after closing – homestead info and insuring that everything is going well in your new home and that you’re a happy homeowner!
Without question, the neighborhood of El Camino Village is one of the hottest real estate markets in the South Bay. Not only are prices on the rise but demand never seems to ease up. We have represented buyers on 4 recent offers and in all 4 situations there were multiple offers and each home sold well over the original list price. See the current homes for sale in El Camino Village/Bodger Park.
The chart below is a great representation of current conditions (included Bodger Park in Hawthorne so slightly skewed numbers). Other than December which is almost always the slowest month of the year, days on market has been less than 2 weeks for the past few months. Those numbers are even lower when you consider that with mulitple offers it can sometimes take 4 or 5 days to negotiate and open escrow. The green line shows that for the past 12 months homes have sold OVER list prices. Given that many sellers have listed their homes for record numbers, that’s simply incredible.