It’s no secret that Proposition 13 has created huge disparities in property taxes in California, but seeing it all laid out on a map is an eye-opener.
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That’s how much Proposition 19 supporters have spent to persuade voters to approve the ballot question. According to state records, over $51 million has come from the California Association of Realtors, while the National Association of Realtors pitched in nearly $5 million.
What have opponents spent? Zero.
Under existing state law, virtually all homes in California have their values reassessed after being purchased.
Prop 19 would allow anyone over 55, severely disabled, or the victim of wildfires to move into a new home but be taxed based on their old assessment.
Take a 57-year-old who bought a house in 2000 that was assessed then at $100,000. If she buys a house this year for $1 million, her tax bill will be the same as it was on the old home based on its 20-year-old assessment.
Despite such tax
GENESEE COUNTY, MI — The county has agreed to sell it’s last remaining parcel of property near Lake Huron, netting $600,000 from the land that remained after construction of a Lake Huron intake for the Karegnondi Water Authority pipeline.
The county Board of Commissioners agreed Wednesday, Oct. 28, to sell approximately 195 acres west of M-25 in southern Sanilac County in the deal. The offer is $25,000 less than the property had been listed for.
Other pieces of the land had been sold previously, bringing back a total of more than $1.5 million of the $2.7 million the county paid for the 240 acres at a public auction nearly 20 years ago.
“The whole process has gone a lot better and smoother than what I was anticipating,” said board Chairman Martin Cousineau, D-Thetford Twp. ” We were able to get more than we were asking for one of the lots
- Record-low interest rates and high home prices could be “a real catalyst for change in ownership” for rental property owners, one expert shared.
- Experts told Business Insider that while it might be enticing to sell now, rentals may bounce back in suburban areas after the economy recovers from the pandemic.
- However, if your property is sucking out expenses, including mortgage payments, insurance, and utilities, you should strongly consider selling, even if a tenant is living there.
- Get a sense of your local housing market — rentals, housing prices, property value, and more — and possibly get a broker price opinion (BPO) before officially selling.
- Visit Business Insider’s homepage for more stories.
Owning rental property these days is a “mixed bag,” said Charles Tassell, chief operating officer of the National Real Estate Investor Association.
Some owners have been able to collect rents as usual, despite the pandemic, shaky economy, and rising
Essex Property Trust Inc. ESS reported third-quarter 2020 core funds from operations (FFO) per share of $3.15, missing the Zacks Consensus Estimate of $3.16. The figure also fell 6% from the year-ago quarter’s $3.35.
Results reflect a tepid environment due to the coronavirus pandemic and subsequent economic recession that prevailed throughout the third quarter. Cash concessions and delinquencies affected same-property revenues during the quarter.
Michael Schall, president and CEO, Essex Property noted, “Local and state governments on the West Coast adopted strict guidelines for reopening businesses, muting the recovery in job growth and economic activity in the third quarter. However, these restrictions have begun to subside, leading to cautious optimism that the pace of improvement in job growth and economic activity will accelerate.”
However, total revenues of $370.8 million surpassed the Zacks Consensus Estimate of $368.6 million as well as inched up 1.1% year over year.
Essex Property did not
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Investing in the real estate market provides financial stability, tax incentives, and passive income—great for anyone looking to build up their net worth. Unlike simply buying and selling stocks, real estate investments provide flexible options that best match your goals and availability at the time.
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Intrigued? Here’s what you can
Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic.
Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.… Read More
Asheville City Council is a step closer to fulfilling its promise of reparations for Black residents. At their meeting of Oct. 27, Council members voted 6-1 to suspend the sale or change in use of any city property acquired through urban renewal, a set of practices designed to clear blighted areas that often forced out established Black communities.
But the newly approved resolution exempts property located at 172 and 174 South Charlotte Street, which is under contract to be sold to White Labs, Inc., a San Diego-based yeast manufacturer and brewpub; and property on Asheland Avenue currently being reviewed for an affordable housing partnership with Haywood Street Congregation.
Community members generally applauded the move as a step in the right direction. But excluding the White Labs property — which will net roughly $3.7 million after the December sale is finalized — is akin to deciding to quit drinking or smoking,
Four hiking trails on an undeveloped hillside property in Tiburon are not available for public use, a state appeals court ruled.
The ruling affirmed an earlier trial verdict in Marin County Superior Court on public access to the 110-acre Martha Co. tract.
The decision, released this week by the 1st District Court of Appeal in San Francisco, is the latest setback for the plaintiffs’ group, Tiburon/Belvedere Residents United to Support the Trails. The group sued in 2017 after the Martha Co., owned by the heirs of the John Reed family, stepped up efforts to prohibit hikers as it prepared to sell the property for development.
The plaintiffs argued the trails were “impliedly dedicated” to the public because visitors has been using them for decades without apparent objection by the owners. The group based its claim on a 1970 California Supreme Court ruling that said a road leading through private property