Recently, a trend has been shaping out in the downtown housing market. Empty-nesters are leaving their white picket fenced yards and suburban South Bay houses to live the high-rise lifestyle. Maybe once considered a place for the trendy, younger single crowd, downtown condos are proving to be a smart step for middle-aged people for many reasons. Most notably, the passing of Prop 60 give people over 55 an opportunity to transfer their current property's base year value (Prop 13) to a new residence of equal or LESSER VALUE. This can result in saving an enormous amount of money on taxes since they will be based on the years lived in the previous residence and the base year value instead of the current base price of the new property.
Proposition 90 is an amendment that permits the property owner to carry the benefits of Prop 60 throughout California. Counties are not required to participate, and currently there are only 7 counties in California that accept Prop 90. Santa Clara County does except tax base transfers from other counties.
So what does this mean to someone 55 or over thinking about selling and buying in a downtown San Jose High Rise?
To learn more about these great benefits for people over 55 check out CA Board of Equalization Website.
San Jose High-rise living itself also has perks for the middle-aged crowd. Those growing tired of yardwork or paying a gardener can enjoy maintained outdoor living spaces without ever having to worry about mowing the lawn or cleaning the pool. Additionally, some residences are offering maid services, personal shopping, dog walking, and more. And for those unfamiliar with downtown San Jose the High-rise you decide to move into will most likely have concierge services at your disposal to help get you oriented to easy living in the city.
With all the art, culture, food and beauty San Jose has to offer, it's truly no wonder many 55+ buyers are choosing to live in downtown San Jose.
Be sure to consult your accountant when making any tax decisions. Be sure to contact a Realtor when making any real estate decisions.