Happy Mother’s Day!

 mothers day
To All The Deal Makers:
If you are a mom, you are a great “deal-maker.”
You are the shrewdest of negotiators
And a true master of your craft.
You know exactly what it takes
To remove All contingencies
And get the job done.
If you are a great “deal-maker,”
Then you owe your mom FULL commission,
In love and appreciation,
For brokering the best escrow of her life!
-Marcus Jacques
Happy Mother’s Day!

Property Taxes are Due April 10th!*

IMPORTANT REMINDER… and great reason to call your past clients to remind them that their property taxes are due!

*Keep in mind that April 10th falls on a Sunday this year so Monday the 11th is the deadline by 5PM.

apriltax

 Click below to pay online:

Los Angeles County  –  Orange County  –  Riverside County

San Bernardino County  –  San Diego County

Transfer On Death Deed (Assembly Bill 139)

A new California law took effect this year that allows the use of transfer on death (RTD) deeds for real property. A RTD deed is a revocable beneficiary deed, involving the gift of an individual’s residence, which does not become a completed transfer until the death of the
transferor. It is limited to multi-unit properties with one to four dwelling units, condominiums and single family residences (with fewer than 40 acres of agriculture land).

Click here for more information and here to download the blank deed with a Q&A.

New Orange County Property Owner?

Check Online to See if You Owe Taxes

CFPBOrange County Treasurer-Tax Collector Shari L. Freidenrich encourages all new property owners to visit ocgov.com/octaxbill to take advantage of multiple online resources to ensure that all secured property taxes have been paid. Don’t be in doubt—check online! It’s quick and simple.

Look what’s coming…

It’s TAX Time!

taxThis is a friendly reminder that the SECOND SECURED PROPERTY TAX INSTALLMENT is now due and will become delinquent after April 10. Embedded please find a helpful Property Tax Schedule/Calendar to download for your future reference.

At Western Resources Title, service is our number one priority. We make sure every client is taken care of quickly and efficiently every day.

Click Here to download schedule.

It’s that time of year…

It’s Tax Time!

taxThis is a friendly reminder that the FIRST SECURED PROPERTY TAX INSTALLMENT is now due and will become delinquent after December 10. Embedded please find a helpful Property Tax Schedule/Calendar to download for your future reference.

At Western Resources Title, service is our number one priority. We make sure every client is taken care of quickly and efficiently every day.

Click Here to download calendar.

Western Resources Title’s Property Profile Summary Report!

profile1All of our property profiles include an easy-to-read summary of critical items that may affect the sale of a property.  No more need to decipher confusing documents!  This straight forward, easy-to-read format puts everything you need to know at your fingertips.

  • Current Deeds of Trust
  • Property Taxes
  • HOA and Mechanics Liens
  • Lis Pendens
  • Foreclosure Activity

 

Make it easy on yourself and order your next property profile from Western Resources Title today!

Click Here for Sample

What are Supplemental Taxes?

Many questions have started to recirculate about Supplemental Taxes: those quirky, specially assessed property taxes that often catch new homeowners by surprise. While Supplemental Taxes are not prorated during the course of an escrow, they are brought to the attention of new homeowners through standard transaction disclosures. Even still, it is always good practice for selling agents to provide their clients with as much information on the topic as possible.

Click Here for FAQ’s Regarding Supplemental Taxes

California Homeowner’s Exemption Vs. California Homestead Exemption

What Is The Difference?

Homeowner’s Exemption

Screen Shot 2015-05-14 at 10.58.27 PMA homeowner’s exemption is just a property tax exemption.  The California state constitution provides for the exemption of up to $7,000 in assessed value from property tax assessment of any property owned and occupied as the owner’s principal place of residence.  This means that the exemption removes up to $70 from your annual property tax bill. This may not seem like much, but it’s easy to obtain, and it adds up!  There’s no reason to forgo the benefit.

In order to qualify for the exemption for property, you must be its owner or co-owner, and must use the property as your principle place of residence (Vacation homes don’t count!).  Any place you own as your principle place of residence, and that is also subject to property tax, qualifies.  You also have to file an exemption claim form with the County Assessor.  Luckily, once the exemption has been granted, you won’t need to re-file the claim unless the title on the deed to the property changes.

There is one catch: if you plan to refinance your home, or plan to move your home out of (or into) a living trust, note that doing so may require you to change the title on the deed to the property.  Each time you do so, you will have to re-file your exemption claim, to ensure that you continue to receive the exemption.

Homestead Exemption



A homestead exemption, on the other hand, is an entirely different (and slightly more complicated) animal.  It is a bankruptcy exemption intended to help protect people from losing their homes to creditors.  If someone is sued for money and loses, the creditor can satisfy the amount of the judgment (translation: ensure they get paid) by selling assets belonging to the debtor, including the debtor’s home.  The California homestead exemption protects the homeowner’s equity up to the amount of the exemption even if the home is sold.  The point is to ensure that debtors and their families have some money remaining to invest in a new home, should their current home be sold involuntarily.  The exemption applies to every person who lives in a dwelling; the dwelling can be a home, trailer, mobile home, boat, etc.

Click here for more details regarding Homestead Protection.

CA Prop 60/90: The Tax Breaks for Seniors

These two constitutional amendments, passed by California voters provide property tax relief for persons aged 55 and over.  Implemented by section 69.5 of the Revenue and Taxation Code, they allow these persons, under certain conditions, to transfer a property’s factored base year value from an existing residence to a replacement residence.

Important to note about these two tax transfer initiatives is that Proposition 60 allows transfers of base year values within the same county (intra-county), while Proposition 90 allows transfers from one county to another county in California (inter-county) and it is the discretion of each county to authorize such transfers.

In the link below please find a WRT marketing piece on these propositions.  For more technical answers to your questions, here’s the FAQ’s link as found on the California State Board of Equalization website: PROP 60/90

Click here for WRT Proposition 60 /90 Handout