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November 2020 Real Estate Update, Presidential Elections and California Propositions

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Silicon Valley November 2020 Real Estate update, Presidential Elections and California Propositions Real Estate Impact by Alan Wang Founder of the Alan Wang Realty Group and Keller Williams Santa Clara Valley

Silicon Valley November 2020 Real Estate update, Presidential Elections and California Propositions Real Estate Impact by Alan Wang Founder of the Alan Wang Realty Group and Keller Williams Santa Clara Valley

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November 2020 Real Estate Update, Presidential Elections and California Propositions

  1. 1. California Propositions 2020 Real Estate Impact ALAN WANG FOUNDER ALAN WANG REALTY GROUP AND KELLER WILLIAMS SANTA CLARA VALLEY
  2. 2. Who is Alan Wang? Website: www.alanwangrealty.com Linkedin: www.linkedin.com/in/alanlwang Blog: blog.alanwangrealty.com Twitter: www.twitter.com/alanwangrealty
  3. 3. DISCLAIMER We are NOT Tax or Estate Planners. We highly advise that you seek the advice of a Tax and Legal Professional
  4. 4. November Market Update  Seller s’Market for Single Family Homes, Balanced Market for Townhomes and Buyers Market for Condominiums  Still Buyers Out and About  Buyers and Sellers are winding down for the holidays  Coronavirus Shelter in Place Lockdown Once Again  Be Safe!
  5. 5. Presidential Elections This Photo by Unknown Author is licensed under CC BY-SA
  6. 6. Proposition Defeated  Proposition 15 – Change in Commercial Property Tax - Taxes such properties based on current market value, instead of purchase price. Fiscal Impact: Increased property taxes on commercial properties worth more than $3 million providing $6.5 billion to $11.5 billion in new funding to local governments and schools.  Proposition 21 - Local Government Rent Control - Allows local governments to establish rent control on residential properties over 15 years old. Local limits on rate increases may differ from statewide limit. Fiscal Impact: Overall, a potential reduction in state and local revenues in the high tens of millions of dollars per year over time. Depending on actions by local communities, revenue losses could be less or more. Source - California Secretary of State, California General election November 3, 2020 Official Voter Information Guide https://voterguide.sos.ca.gov/propositions/
  7. 7. Proposition 19 – Property Tax Rules for Seniors  Description - Allows homeowners who are over 55, disabled, or wildfire/disaster victims to transfer primary residence’s tax base to replacement residence. Changes taxation of family-property transfers. Establishes fire protection services fund. Fiscal Impact: Local governments could gain tens of millions of dollars of property tax revenue per year, probably growing over time to a few hundred million dollars per year. Schools could receive similar property tax gains Source - California Secretary of State, California General election November 3, 2020 Official Voter Information Guide https://voterguide.sos.ca.gov/propositions/
  8. 8. Base Transfer Value Over 55 Years In years prior • One-time Transfer • Limited to 10 Counties • Value Limits Changes • Can Transfer 3 Times • Any county in the state of California • Any Home Value, Tax Treatment Varies These rules will come into effect on April 1, 2021 Source - https://boe.ca.gov/prop19/
  9. 9. Parent Child Grand Parent to Grandchild Exclusion Past • $1,000,000 limit no matter what type of property Changes • Limit to the value (current taxable value plus $1M) • Transfer will only apply to the primary home of the deceased. It is assumed that they Child or Grandchild will reside in the home to maintain lower property taxes. These rules will come into effect February 16, 2021. Source - https://boe.ca.gov/prop19/
  10. 10. Schedule a Complimentary Consultation!  Call or Text (408)313-4352  E-mail alan@alanwangrealty.com This Photo by Unknown Author is licensed under CC BY-SA

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