• Home
  • Homes for Sale
    • Brookside Village Condos
    • All Redondo Beach
    • Redondo Beach Condos
  • FREE Listing Alerts
  • Brookside Sellers
    • What is Your Brookside Condo Worth?
    • Free Home Staging
  • About
    • Welcome to Brookside Village
    • Recent Sales
    • Redondo Beach Real Estate
    • About Keith Kyle
    • Contact Us – Top Redondo Beach Realtor Keith Kyle
    • Brookside Photo Gallery
    • Map of Brookside Village
    • What’s Nearby? King Harbor and the Redondo Beach Pier
    • Nearby Community Websites
    • FAQ
  • Real Estate News

Brookside Village Condos For Sale in South Redondo

Real Estate in South Redondo's most affordable community

Understanding Prop 19 – How it Replaces Other Propositions

October 21, 2024 by admin

Proposition 19 BasicsFrequently asked questions for Brookside Village condos

Information is directly from the LA County Assessors website.  Information deemed reliable but not guaranteed.  See comparison chart showing former propositions (old law) with prop 19 (new law)

Background

In November 2020, California voters passed Prop 19, which made changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disasters. These changes became effective in February and April 2021, depending on the component of the measure.

What is Proposition 19?

INHERITING PROPERTY

Proposition 19, or the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a Constitutional Amendment that imposes new limits on property tax benefits for inherited family property. Under Proposition 19, a child or children may keep the lower property tax base of the parent(s) ONLY if the property is the principal residence of the parent(s) and the child or children make it their principal residence within one year.

TRANSFER OF PROPERTY TAX BASE

The other component of Proposition 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence up to three times (or once per disaster). The tax base may be transferred to a property located anywhere in the state.

Proposition 19 changes two programs currently administered by county assessors:

  1. Parent-Child Transfers (Prop. 58)/Grandparent-Grandchild Transfers (Prop. 193), effective February 16, 2021
  2. Senior Citizen and Disaster Relief Tax Base Transfers (Prop. 60/90 50/171), effective April 1, 2021.

Parent-Child Transfers & Grandparent-Grandchild Transfers

Prop. 58 & Prop.193, allowed a parent(s), and in certain cases grandparent(s), to transfer their existing property assessments of a principal residence of any value without triggering a reassessment, which is generally required upon a change in ownership – even if the property is used as rental property by the child.

Prop. 58 & Prop.193 also allowed for the inheritance of property assessments for up to $1 million in additional real estate, whether residential or commercial.

Under the new Proposition 19 (effective Feb. 16, 2021), parent(s) and grandparents(s) can transfer their property along with its Proposition 13 base year value to their children or grandchildren if the following conditions are met:

  1. The property must be the principal residence of the parent(s) or grandparent(s)
  2. The property must become the principal residence of the child or grandchild within one year, and all applicants must have a valid Homeowners’ Exemption (HOX) filed within 1 year of the transfer in order to qualify for this exclusion.
  3. Only the principal residence of a parent(s) or grandparent(s) qualifies for a base year value transfer. Other property, residential or commercial no longer qualify for this benefit

The provisions under Proposition 19 apply to intergenerational transfer exclusions starting Feb. 16, 2021 (since Feb. 15 is a holiday).

Transfer of Assessment to a Replacement Property (55 and Older and Disabled)

Propositions 60/90  allowed persons over 55 or severely and permanently disabled persons to transfer the taxable value of their existing home to a new replacement home, so long as the market value of the new home is equal to or less than the existing home’s market value and located in Los Angeles County or one of nine other participating counties in California. Proposition 19 (effective April 1, 2021) modified the previous provisions, and now allows eligible homeowners to transfer the taxable value of their existing primary residence to a new replacement primary residence. The replacement residence can be of any value*, and anywhere within the state. The exclusion can be filed up to three times by a property owner over their lifetime.

*Subject to conditions

The effective date of implementation is April 1, 2021.

Disaster Relief Tax Base Transfers

Prop. 50 provided that the base year value of property that is substantially damaged or destroyed by a disaster, as declared by the Governor may be transferred to comparable property within the same county. Prop. 171 allows the transfer of the base year value of a principal residence to a county that has adopted the ordinance. Prop. 19 allows homeowners to purchase a replacement home of greater value than their original home and transfer their tax base with an adjustment to account for the value difference in cases of homes destroyed by wildfires or other natural disasters.

The effective date of implementation is April 1, 2021

Filed Under: Brookside Village, Brookside Village real estate, Keith Kyle Realtors, Redondo Beach real estate, Torrance real estate Tagged With: prop 163, Prop 19, prop 58, prop 60, prop 90, proposition 19

Let’s Explore Nearby – Torrance Real Estate and Neighborhood Info

January 14, 2021 by admin Leave a Comment

Brookside Village is located in South Redondo but very close to the border with Torrance.  Many of the areas of Torrance, especially the ones bordering Redondo in the Hollywood Riviera and South Torrance have a similar look and feel.  In general Torrance has always been a lower price option to Redondo and that’s still true most of the time.  Homes can  range from spectacular ocean front estates in the Hollywood Riviera, to  historic craftsman homes in Old Torrance, to many beach bungalow type neighborhoods with post WWII built single famly homes…..and an abundance of housing options in between.  View information on any of the neighborhoods below or view our interactive Torrance  neighborhood map.

torrance homes for sale
west torrance homes
southwood torrance
Search all Torrance Homes
West Torrance 90503
Southwood 90503
hollywood riviera homes
Central Torrance homes for sale
south torrance real estate
Hollywood Riviera 90277
Central Torrance 90503
South Torrance 90505
walteria torrance homes
north Torrance homes for sale
old torrance homes
Walteria & Victoria Knolls 90505
North Torrance 90504
Old Torrance 90501
south east torrance homes
harbor gateway torrance homes
Plaza Del Amo real estate
South East Torrance 90501 & 90505
Harbor Gateway & County Gateway
Plaza Del Amo
south east torrance homes
Single family homes for sale in Torrance
condos and townhomes for sale in Torrance
Seaside Ranchos South Torrance
Single Family Homes
Condos and Townhomes
Torrance duplexes for sale
55+ senior condos in Torrance
Torrance real estate map
Multi-Unit Investment – Duplexes
55+ Senior Condos and homes
Torrance Real Estate Map

The Neighborhoods of Torrance CA

Click on any “area” below to see information and the current homes for sale in that neighborhood or scroll to the bottom of the page to see links to the MLS listings and homes for sale in that neighborhoods or scroll to the bottom to see a full list of links to the current homes for sale in those areas.

North Torrance homes West Torrance homes Hollywood Riviera homes Walteria Torrance homes Southwood Torrance homes OldTorrance South Torrance homes Southeast Torrance homes Central Torrance Harbor Gateway Torrance

Explore the current homes for sale in:

  • West Torrance homes for sale
  • North Torrance homes for sale
  • Southwood Torrance homes for sale
  • South Torrance & Seaside Ranchos homes for sale
  • The Hollywood Riviera real estate
  • Old Torrance homes for sale
  • Walteria and Victoria Knolls homes
  • Central Torrance homes for sale
  • Gated communities of Plaza Del Amo
  • Southeast Torrance including Marble Estates
  • Harbor Gateway and County Strip homes for sale
  • 55+ Senior Condos in Torrance and Redondo Beach

Filed Under: Torrance listings, Torrance real estate Tagged With: hollywood riviera, southwood, torrance homes for sale, torrance real estate, west torrance

Is Old Torrance the Right Neighborhood For You?

November 9, 2018 by admin Leave a Comment

Just as every community is different…..every home buyer is different as well.  A recent survey provided some insight into California home buyers. Find out if OldHistoric homes in Old Torrance Torrance is the right neighborhood for you to purchase your home.

Here’s some of what home buyers look for when choosing a neighborhood.

  • 25% wanted a home close to friends and family
  • 24% wanted a short commute
  • 20% wanted homes in a specific school district

Search Real Estate and Homes in Old Torrance

Charming Old  Torrance is a wonderful neighborhood full of historic homes, multi unit properties, and newer townhomes and condo complexes.  What makes this area so special is that it’s like walking back in time.  With wide tree lined streets, an abundance of early 20th century craftsman homes and a revitalized downtown area, this is unlike anything else in the South Bay.

Want an even easier way of keeping up with the Old Torrance real estate market?  Tell us just a bit about your ideal home and we’ll customize a search just for you and send you FREE email alerts when a new home hits the market.  Never miss a new Old Torrance home for sale again!

Current Old Torrance Homes for Sale

Filed Under: Historic homes, Home Prices, Torrance listings, Torrance real estate Tagged With: home buyers, Old Torrance

Think You Can’t Downsize Because Property Taxes Would Go Up?

November 8, 2018 by admin Leave a Comment

**Update**Please note that props 50 and 90 are no longer in effect and have been replace (depending on timing) by proposition 19.  Click here to see updated information on Proposition 19.

If you think you can’t sell your Brookside Village home and buy something elsewhere due to your property taxes going up, we have information that might really help.

California Propositions 60 and 90Frequently asked questions for Brookside Village condos

PROPOSITIONS 60 and 90 are Constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. They were enacted to encourage a person, age 55 or older to “move down” to a smaller residence. When a senior citizen acquires a replacement property worth less than the original property, he/she will continue to pay approximately the same amount of annual property taxes as before.

Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance.

How Do These Propositions Work?

If he/she qualifies, when the senior citizen purchases or constructs a new residence, it is not reassessed. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originallyrequired that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Los Angeles County enacted an ordinance to provide that when the replacement is located in Los Angeles County, the original property may be located in any other California county.

Who Qualifies?

The seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale.

When Are These Propositions Effective?

The replacement residence must have been purchased or constructed on or after November 5, 1986 if the original was located in Los Angeles County. The replacement residence must have been purchased or constructed on or after November 9, 1988 if the ongmal was located in any other California county. Claims must be filed within three years following the purchase of the replacement residence.

Were Are Claim Forms Available?

Forms are distributed at Assessor’s public counters, in Room 225 of the Kenneth Hahn Hall of Administration, and in district offices. If you need additional information, call (213) 893-1239. The forms may also be available online at the various county assessors websites.

Counties Accepting Prop 90 Transfers:

As of November 7, 2018, the following ten counties in California have an ordinance enabling the intercounty base year value transfer:

Alameda
Los Angeles
Orange
Riverside
San Bernardino
San Diego
San Mateo
Santa Clara
Tuolumne
Ventura

Filed Under: Brookside Village real estate, Brookside Villge condos for sale, Home buyer tips, Property tax information, Redondo Beach real estate, Torrance real estate Tagged With: california prop 60, Prop 19, prop 60, proposition 19

New Home for Sale in North Torrance – 4171 17nd St

April 18, 2018 by admin Leave a Comment

4171 W 172nd, Torrance CANorth Torrance homes for sale 90504

**Update**Please note that this is an older post and this home is no longer for sale.  Click here to search the current homes for sale in North Torrance.

Welcome home! This home is as charming on the inside as it is on the outside. From the wonderful curb appeal and the great location, to the upgrades and enhancements, 4171 w 172nd Street in Torrance has it all. Drive up the tree lined street and pull up to a beautifully landscaped front yard and shaded front porch in a friendly neighborhood atmosphere. From the moment you enter you’ll notice the open and bright interior with a flexible floorplan to fit every lifestyle. This home boasts many impressive features, including a large open living and dining room with recessed lighting, hardwood floors, and sliders to the backyard and patio. The remodeled and spacious kitchen offers new granite counters, stainless steel appliances, ample cabinet space, roomy pantry, in kitchen breakfast area and opens to the living/dining areas. Two bright and beauitiful bedrooms sit off the front side of the home and share a beautifully remodeled full bathroom. The master bedroom addition is a spacious retreat with sliding doors to the backyard and private patio. The master suite offers walk-in closets, recessed lighting, a large master bath with tiled flooring, a beautiful shower and dual sinks. Enjoy the great year round weather in the landscaped grass back yard filled with flowers, fruit trees, and is ready for entertaining in the spacious patio area.

  • 4171 172nd Street, Torrance
  • Priced at $735,000
  • 3 bedrooms, 2 bathrooms
  • 1,375 square feet
  • remodeled throughout
  • Grassy front and rear yards

The property located in a great neighborhood of Torrance with easy access to shopping, dining, freeways, the beach and a short distance to the South Bay Galleria.

   

For more information call/text us at 310.251.2344 or email at keith@keithkylehomes.com. We would be happy to set up a tour of the home.

 

Filed Under: Keith Kyle Realtors, Torrance listings, Torrance real estate, Vista Sotheby's International Tagged With: 4171 w 172nd street, torrance homes for sale

All information deemed reliable but not guranteed and should be independently verified. The listings that appear on this site may be represented by other realtors.

*Any information relating to a property referenced on this web site comes from CRMLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this website. The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.