Randomly stumbled on your channel Sean. Great work man! Hope you're doing well and staying safe during these crazy times!

@seanlovesrealestate

4 жыл бұрын

Thanks, you too!

This was super helpful man! thanks!

@seanlovesrealestate

3 жыл бұрын

glad you liked it!

Hi, I came across your videos while looking for info about prop 13 & the the proposed changes their trying to make to it. I appreciate the clarity in your voice & your ability to uncomplicate things with simple examples. Anyway, I was wondering if you would make a short video about & giving your opinion on the changes their trying to make to prop-13. Thank you & I look forward to watching more of your videos.

@seanlovesrealestate

4 жыл бұрын

small spiral thanks for watching! I'll need to do more research on it. I've only heard of stories where they try to convince people that prop 13 is bad for seniors when it's actually really good for people who have owned their property for a long time. Thanks for the suggestion!

@victoriahostnick1862

4 жыл бұрын

@@seanlovesrealestate that's really all I've heard as well. I'm not online much, so I'm kinda learning about different sites as I go. Most seem to be a bit complicated & kinda overwhelming. A friend of mine asked if I'd help gather signatures to get this on the ballot & tbh, I'm not too sure how informed she even is. I just wanna have all the facts, pros & cons, b4 I even attempt to speak to anyone about it. Thanks for your time!

@seanlovesrealestate

4 жыл бұрын

small spiral I'll do some research and put a summary out!

@victoriahostnick1862

4 жыл бұрын

@@seanlovesrealestate awesome! Thank you so much!

@seanlovesrealestate

4 жыл бұрын

@@victoriahostnick1862 Here's the video with my research for the proposed changes to prop 13! Thanks again for the recommendation. I hope you enjoy it! kzread.info/dash/bejne/oaymqqmLZJzWqqw.html

Old age doesn't feel that bad anymore ;) . Great breakdown Sean!

@seanlovesrealestate

4 жыл бұрын

Vidiu Chiu buy and hold has more advantages than you think 😉

Have you done a video on the breakdown between the land value and the house value? I recently purchase a home and am looking into renting it. I think the land/house breakdown matters

@seanlovesrealestate

3 жыл бұрын

What do you want to know about it? It really only comes up for depreciation purposes

Oh wow, didn’t know these laws! Awesome! Thanks

@seanlovesrealestate

2 жыл бұрын

No problem!

I have relatives who bought a house for $64k in the 1970s and now its worth well past the 7 figure amount, but if it were sold, the taxes might be tripled for the new owner.

@seanlovesrealestate

4 жыл бұрын

Yup, that's the benefit of Prop 13!

Just find your channel, well explain! Great info. Can you talk about home insurance? If u can😀

@seanlovesrealestate

3 жыл бұрын

I'm glad you liked the info! I'm actually taking courses to get my property insurance license. It's been brutal though and I don't know if I like the info enough to talk about it. Did you have questions about insurance in particular?

@caroc8290

3 жыл бұрын

@@seanlovesrealestate just one. Soon I will be building an ADU on my property and I was wondering if I should insure it before or after building is done?

@seanlovesrealestate

3 жыл бұрын

@@caroc8290 I'm pretty sure that it won't be insurable until the structure is completed.

@caroc8290

3 жыл бұрын

@@seanlovesrealestate ok thanks

How does remodeling a house change your property taxes in California? Example, you decide to increase the size of your rooms that take more space from your lawn. Is it best to get it done when you buy the property or after sometime you have lived at the property?

@seanlovesrealestate

3 жыл бұрын

Usually adding sqft would increase your property taxes to the proportion of the addition (the increased part gets taxed at the current market value). It's best to do any major additions or new construction as soon as possible for property tax purposes, but in the grand scheme of things, it doesn't matter that much.

Great job on your video. I was hoping to get some advice. Based on Prop13, my assessment was increased 14% in 2014, 12% in 2016, 11% in 2018 and so forth. Can they do that? I live in Orange County CA, and my neighbors are only getting 2% increase every year. Can there be a mistake on their behalf? I did not update or remodel, it was original since I purchased it back in 2005. Thanks in Advance, Andrew.

@seanlovesrealestate

2 жыл бұрын

I don't think your property taxes should increase that much...you should challenge with the county tax assessor!

Hi. First time viewing your content, great video! Can the parent to child tax transfer be done through a refinance?

@seanlovesrealestate

Жыл бұрын

Title transfer is separate from a refinance. You can do either of them at anytime. Thanks for watching!

You briefly mentioned that someone took their home out of a trust which triggered a tax reassessment. Could you elaborate on that? Thanks

@seanlovesrealestate

4 жыл бұрын

Great question. So basically the parents of a family passed away and the kids mistakenly took the property out of the trust and into their own names without going through the proper channels and that made it look like a "change in ownership". This triggered the tax reassessment, and there's no way to go back from that. Be careful when dealing with property transfers!

@RADIUMGLASS

4 жыл бұрын

The trust technically owned the house.

@nickycostello6151

3 жыл бұрын

When my grandfather died 20years ago it left my mom as the only trustee and she didnt know she had to distribute the assets to herself and dissolve the trust. She did not fill out the parent child transfer form or record change of ownership. Do you know what the penalty is for this? She is tryin to gift me the property but it has to be deeded to her first. We dont want to trigger a reassessment.

great! info.

@seanlovesrealestate

2 жыл бұрын

Thank you, appreciate it!

Really informative, thanks!

What if you have two houses that you bought many years ago, can you sell it to two of your children with the same result of transferring the low taxes to them? Thank you very much for your video

@seanlovesrealestate

3 жыл бұрын

You definitely could before Prop 19 came into effect! (I bought my Mom's home and got her property tax rate). Now that prop 19 is in effect, it's applicable only if they live in the property and the amount is capped. Check out my prop 19 video to see what changed

@chuyrock1622

3 жыл бұрын

@@seanlovesrealestate Thank you Sean

hi . I bought my house in 2005 my property tax bill on $468000 was $5200. now in 2020 its a whooping $9200. how did it go up so much? the value $602,000. im hurting and with the

@seanlovesrealestate

4 жыл бұрын

Is your property in California? I'm surprised it increased so much. Reassessments usually don't happen to a property unless you do major renovations (i.e. new construction).

@malinstarr3669

4 жыл бұрын

Real Estate Investing with Sean Hi thank you for taking the time. Yes I’m in Santa Clarita CA. House went down to $399 after the crash so the recalculate the rate to lower it for a few years. Last week I got the Accessory letter that they now value the property to $670,000. Grrrrr it’s 1500 sqf . But I’m A little confuse... do we add 2% of the paid amount in property tax? Or do we paid 2% of the property value? Sincerely Marlin

@seanlovesrealestate

4 жыл бұрын

@@malinstarr3669 generally, prop 13 limits the amount that your property taxes will increase by 2% a year. So if you were paying $5200 15 years ago, it should be around $7000 today. I'm not sure why yours jumped so much. You can call your county's tax assessor to ask them why your property taxes have increased at a higher rate than normal.

Outside of saving for property taxes on a monthly basis, what are some strategies do most people use to save or pay for their property taxes? Thx

@seanlovesrealestate

10 ай бұрын

This might be of help on how you can save taxes. kzread.info/dash/bejne/p3-Ij9mgccXcds4.htmlsi=eH3252nsjkPOosiK

My mortgage was 1400 when I first bought my house . Now because of taxes going up my payment is 1621

@seanlovesrealestate

Жыл бұрын

Taxes are insane!

There are new tax laws in the state of California that allow people of a certain age to sell their home not just once, but three times I believe and transfer their taxes each time to each property. Is this true? Also, how soon do you need to buy the next property after you sell one in order to maintain your current tax rate? Example, you have a five bedroom home, you downsize, in a couple of years you decide to downsize again and get a smaller home again, and a few more years we decide to move to a different part of the state and purchase a home. of equal or lesser value.Do you need to immediately transfer your tax rate to another property the moment you sell?

@seanlovesrealestate

2 жыл бұрын

Yes this is correct! Prop 19 passed last year that makes half of this video obsolete! Definitively check out the video that I made about that topic here: kzread.info/dash/bejne/Z4x2t7qiY5Opg8Y.html

can you help me with right to surviverships deeds or durable power of attorney or a transfer on death deed? i need help with all 3

Can you have this tax included in your mortgage?

@seanlovesrealestate

4 жыл бұрын

Mortgage payments go to your lender, property taxes go to the county where the property is located at. A lot of lenders can help you open an escrow account and pay your property taxes, hazard insurance, and flood insurance for you. In fact, if you put less than 20% down on a property, they'll often force you to pay your bills through their escrow (to guarantee that you're making those payments). Basically, they'll look at your estimated costs for your insurance and property taxes and divide those payments by 12 and add it to your required monthly payment. I hope this answer helps!

Very good video. However, the state income tax in Texas is 0 percent. Compared to California’s .09 percent.

I bought a house from my mom I was paying $2,800 a year. I got a reassessment letter in the mail they reassessed the house at $869,000 now my property taxes are $10,000 raising my escrow to $1,100 every month now. Is there a away I can dispute it? As in use Prop 58?!

Mello Roos how can I calculate ?

In my loan estimate the property tax is 1.25%!!!! I’m buying in Santa Clara county Bay Area for 900k but the property tax is $11,250! Does it go down to 1% when I go to do closing?

@seanlovesrealestate

2 жыл бұрын

In California, the base rate is 1% but there are additional local taxes depending on the County/City that your property is located in. When I buy properties, I assume a 1.2% tax rate.

I just found out the property tax is 2% in Sacramento

@seanlovesrealestate

Жыл бұрын

Thanks for sharing!

@philipdamask2279

3 ай бұрын

I think the taxes can go up by 2%. Unlikely your taxes are 2% of its assessed value.

death and taxes two things that never change or end

@seanlovesrealestate

2 жыл бұрын

True, but how much you pay can vary depending on the regulations, so understanding them is key 👌

Can I sell my house to my kids below the market price to reduce their property tax burden?

Make a vedio on lowest income jobs and good jobs in america

@seanlovesrealestate

3 жыл бұрын

Thanks for the rec, but I don't think that's a topic that I'm familiar with.

So is this only for 55 years and older only?

@seanlovesrealestate

3 жыл бұрын

For prop. 60/90 yes! You need to be over 55 years old to transfer your property tax to your new home in the same county/participating counties.

@ricardomorales3096

3 жыл бұрын

Appreciate that rapid response, sending good vibes

@seanlovesrealestate

3 жыл бұрын

Ricardo Morales thanks!

If that's the case then I should buy a home for 100k and "gift" the home owner 900k under a contract to pay 1k in taxes

@carolmaplesden916

2 жыл бұрын

im trying to make sense of what you're saying what do you mean?

@georgemendez6760

2 жыл бұрын

@@carolmaplesden916 i haven't watched this video in ages but essentially i'm trying to pay less taxes by lowering the purchasing price but still giving the original homeowner his full amount of cash

Ha ha. 1% if you are lucky. They tack on a bunch of other stuff.

@seanlovesrealestate

3 жыл бұрын

True, it ends up being around 1.2 in many cities.

I thought they stopped prop 13

@seanlovesrealestate

2 жыл бұрын

Prop 13 is still around!

@sheilaarp6453

2 жыл бұрын

@@seanlovesrealestate but I was told I couldn't get it now

@seanlovesrealestate

2 жыл бұрын

@@sheilaarp6453 they removed the other ones and replaced it with prop 19. It applies to seniors who are moving within the State but want to keep their tax basis the same

@sheilaarp6453

2 жыл бұрын

@@seanlovesrealestate thank you

@sheilaarp6453

2 жыл бұрын

@@seanlovesrealestate im moving into the state from idaho can I get it

So can I pass it down to my kid then he passes it to his kid and so on?

@seanlovesrealestate

2 жыл бұрын

Yup, but some of the laws have changed since this has been made, so definitely do you research first.