To downsize from your San Mateo County home, you may end up paying more property taxes than you do now! To get a smaller house, you actually have to pay more. And with that higher purchase price, comes higher property taxes. Oftentimes, because housing prices are so high, downsizers can afford the house payment or the property taxes but not both.
Instead of buying a smaller more manageable home, you may be living solely on the first floor or struggling to maintain your home that’s become too large and too expensive to maintain.
You may be able to avoid all that by looking into two little known propositions. It’s worth taking a look!
Find out if you qualify:
1. Will you be purchasing a home in one of the following counties:
Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo County, Santa Clara, Tuolumne or Ventura.
*These cities are subject to change. You must verify the county you’re moving to is still participating!
2. Will you or your spouse – who must live with you – be 55+ at the time of the sale of your San Mateo County home?
3. Will the new home be your *principal residence or qualify for the disabled veterans’ exemption?
*Principal residence means that you have lived in the home for two of the past five years.
4. Will the new house be equal or lesser value than the current home?
You’ve just struck upon the issue of purchasing your more manageable home. Buying a house in San Mateo County, will cost you much more than you want to spend. And that new house won’t meet the criteria to qualify for transferring your property taxes because the new house has to be of lower value than the value of your current home.
5. Will the new home be purchased or built within two years of the new purchase?
It can be two years before the sale or two years after the sale of your San Mateo County property.
6. You must file your claim within three years of the purchase date or the completion date, if you’re building your new house.
7. Will the current house be eligible for the homeowners’ or disabled veterans’ exemption at the time it will be sold or within two years of the purchase or completed construction of the new house?
If you answered yes to all of the above questions, let us know! You likely qualify!
We know downsizing is a giant endeavor, especially when you’ve lived in the home for many years. All those memories and all that stuff! What to do? Where to start? We understand the stress involved and can help you make your move as organized and seamless as possible. Contact us today to get your questions answered and your concerns addressed.
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I help home buyers and sellers in Mid Silicon Valley focusing on the cities of Foster City Homes and Condos For Sale, Redwood City Homes and Condos For Sale, Redwood Shores Homes and Condos For Sale, San Carlos Homes and Condos For Sale, San Mateo Homes and Condos For Sale. If there’s anything I can do to help you, please let me know.
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