Are you familiar with Prop 60/90/110?

What are propositions 60, 90 and 110? Propositions 60, 90, and 110 are constitutional amendments approved by the voters of California. They provide for the transfer of a property’s base year value from an existing residence to a replacement residence, under certain conditions, for qualified persons over the age of 55 or persons of any age who are severely and permanently disabled.

What are the conditions that need to be met in order to qualify for the exclusion?

1. Both properties must be located in the same county, unless the county in which the replacement residence is located has an ordinance that allows inter-county base year value transfers.

2. As of the date of transfer of the original property, the transferor (seller) or a spouse residing with the transferor must be at least 55 years of age, or be severely or permanently disabled.

3. At the time of sale, the original property must have been eligible for the Homeowners’ Exemption, or entitled to the Disabled Veterans’ Exemption.

4. Generally, the replacement dwelling must be of equal or lesser value than the original property.

5. The replacement dwelling must have been acquired or newly constructed within two years of (before or after) the sale of the original property.

6. The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.

7. The original property must be subject to reappraisal at its current fair market value. Therefore, transfers of the original property that are excluded from reappraisal (e.g., most transfers between parents and children) will not qualify

I think that the sale of my residence may qualify for this benefit. How do I apply? You must file a claim with the assessor, who will determine if the transaction qualifies. Claim forms should be obtained from the assessor’s office in the county where the replacement property is located. How do I determine if the replacement property is of “equal or lesser value” than the original? It depends upon the timing of the purchase or completion of construction of the replacement property. In general, “equal or lesser value” means the fair market value of the replacement property does not exceed one of the following: 100 percent of the market value of the original property, if the replacement property is purchased or newly constructed before the original property is sold. 105 percent of the market value of the original property, if the replacement property is purchased or newly constructed within the first year after the original property is sold. 110 percent of the market value of the original property, if the replacement property is purchased or newly constructed within the second year after the original property is sold.

If the market value of my replacement dwelling slightly exceeds the “equal or lesser value” test compared to the market value of my original property, can I still receive partial benefit? No. Unless the replacement dwelling completely satisfies the “equal or lesser value” test, no benefit is available. Can a taxpayer apply for and receive the benefit of propositions 60/90/110 numerous times during the course of his/her lifetime? Generally, no. With one exception, only claimants who have not previously been granted this benefit are eligible. I was previously granted this benefit but have since become severely and permanently disabled. Can I apply for and receive the benefit of proposition 110? Proposition 110 creates an exception from the one-time-only limitation for any claimant who becomes severely and permanently disabled after having previously received a base year value transfer as a claimant over the age of 55 years. Thus, if a person over the age of 55 years transferred the base year value from an original property to a replacement dwelling and subsequently becomes disabled, then that person may now transfer his or her base year value a second time.

I would like to transfer my base year value to a replacement property Located in another county. Which Counties have adopted an ordinance to allow such transfers? Currently, each of the following seven counties has an ordinance implementing the intercounty base year value transfer provisions of section 69.5 of the Revenue and Taxation Code (Prop 90): Alameda, Orange, San Mateo, Ventura, Los Angeles, Riverside, San Diego, Santa Clara, El Dorado. If the replacement property is in a different county than the original property, only the replacement property (not the original property) must be located in one of these seven counties. If a county has an ordinance, it will accept a base year value transfer from any other county in California as long as all the requirements are met. What is the deadline for filing a claim? Generally, you must file your claim with the county assessor within three years of the acquisition or completion of construction of the replacement property.

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WEREP.org meeting 1/31/2020

Podcast Link: 

In this episode Randall Lewis of the Lewis Corporation gives his annual state of the Inland Empire address. This event was hosted by the West End Real Estate Professionals at Central park in Rancho Cucamomga on Jan 31, 2020. It was a packed house with over 330 people in attendance. When Randall speaks people come out and listen. Listen in, subscribe to our podcast and learn together with us! #KnowAndGrow

Nearly 20 years ago, Ryan J. Orr was signing documents to refinance his home, when the escrow officer asked him why he was wearing a suit. It happened that Ryan was a recent college graduate on his way to a career fair. “Let me get the sales manager,” the escrow officer said. Ryan was hired 30 days later, and he says he has never looked back.

Ryan dedicated himself to learning his craft, and his new career took off. “I knew I could get away with not knowing a lot to start, but I needed to invest in my career and be educated to know as much or more than my clients — or if I didn’t know something, I wanted the resources to know who to turn to. So, I joined chambers of commerce, went back to school and took real estate classes, and got involved with leadership in local professional associations. For me, it became very personal, very quick.”

Taking a cue from his favorite sales trainer, Jeffrey Gitomer, who says that business cards are boring, Ryan created an alter ego called “The Title Guy.” This part mild-mannered businessman, part super-hero persona also had a slogan: “Whether you sell, buy or refi — specify The Title Guy.”

Today, Ryan is the face of “Team Title Guy” at Ticor Title in Ontario, where he serves the West End of San Bernardino County. His inside support is 25-year industry veteran Victoria Rebello, and together, they hold their spot among the top 5-10 percent in the nation. “Victoria is service- and solutions-oriented with a bubbly personality. At the volume we’re running, without her it would be almost impossible to get everything done in a day. Making sure you have the right people in the right seats is imperative to success at a high level. Ideally, in the next year, my goal is to get to the top 2 percent in the nation.”

Click Here

https://www.buzzsprout.com/95458/2666125-ttg-live-at-werep-org-with-randall-lewis-of-the-lewis-corporation

Ryan J. Orr –

Vice President

Ticor Title
4120 Concours, Suite 400 Ontario, CA 91764

Tel: 909-767-0718
Email: ryanjorr7@gmail.com

Web: www.TeamTitleGuy.com

Click Here to hear Podcast

https://www.buzzsprout.com/95458/2572738-overcoming-fears-doubts-in-sales

Ryan in this podcast addresses the inherent doubts and insecurities that all sales people have and how he finds a way to dig deep, and pull through and perform month after month, and year over year. He states it is not easy and thats why its important as to who we surround ourselves with.
Listen in and share your thoughts, ideas and mindshare.

Want to schedule a call or time with Ryan?
https://calendly.com/ryanjorr7/30min

Helping Others Succeed

Ultimately, it all comes down to service. “When someone calls, they will get a response in minutes. If I’m in a meeting, my phone forwards to Victoria, and she will respond. It’s important to me that when somebody calls, somebody answers. I never take for granted that good relationships are based on communication. If we don’t know what you want and when you need it, we can’t exceed your expectations. And we are relentless with follow-up. When there is a challenge, we typically get things worked out. We know how to find creative solutions to get the file closed while safeguarding the parties.”

Ryan’s peers have the highest praise for him and his team. One summed up: “Since meeting and starting to work with Ryan, I have had nothing but great service. I have not opened a title order with any other title rep for about 8 years now. There just is no reason. Ryan is always available and treats me like his only client. I highly recommend using Ryan for all title orders. He is a great connection to other services, as well, and makes himself a valuable resource. Give him a try and you won’t have to worry about title anymore.”

Ryan’s priorities in life are faith, family and business, and his values are reflected in the way he serves both clients and community. He is a founder of the West End Real Estate Professionals (WEREP), a group that meets

weekly to elevate the real estate profession. Inspired by the 9-11 tragedy, Ryan also founded Operation Community Cares, a nonprofit organization that sends thousands of care packages each year to deployed service people.

“In 2012, I unexpectedly lost my father and it was a huge reminder as to how precious life and time truly is. As a result, I run my business by design. I live, work, eat, sleep and breath the community we live in,” Ryan says, “and I’m extremely involved in my kids’ lives. After losing my father, the concept of legacy rang through my mind allowing him to live on and how others would view me. I love the quote that people won’t always remember what you did, but they’ll remember how you made them feel. So I make it my goal to do my best in every situation, and hope that others can say this about their interactions with me. My mission is to help others succeed, and in turn, I am hoping we can grow our businesses together!”

Ryan J. Orr –

Vice President

Ticor Title
4120 Concours, Suite 400 Ontario, CA 91764

Tel: 909-767-0718
Email: ryanjorr7@gmail.com

Web: www.TeamTitleGuy.com

California Department of Housing and Community Development Housing Update

Nearly $25 million awarded in recent days, two cities come into compliance, one city at risk of losing compliance

SACRAMENTO – The California Department of Housing and Community Development has announced that more than $3 million in SB 2 planning grant money and nearly $22 million in Community Development Block Grant money has been awarded recently. In addition, two cities have come into compliance with state Housing Element law and one city is at risk of losing compliance.

SB 2 Planning Grants

Fourteen California cities have received a total of $3.15 million in SB 2 planning grants. (See attached list)

SB 2, the Building Homes and Jobs Act (2017) established a $75 recording fee on certain real estate documents to be used for planning grants in its first year, and for affordable homes in subsequent years. The planning grants can be used for updating local planning documents, updating zoning ordinances, conducting environmental analyses or for local improvements to expedite local planning and permitting.

Community Development Block Grants

Some $21.7 million from the federal Community Development Block Grant (CDBG) program has been awarded to 18 of California’s smaller cities and counties. (See attached list.)

The money will be used for a variety of activities, such as providing single- or multi-family home rehabilitation, homeownership assistance, public water improvements, fire stations, senior and children’s services, flood draining improvements and more.

HCD administers the Community Development Block Grant program for those cities with populations under 50,000 and counties with populations under 200,000 in unincorporated areas that do not directly receive funding from the U.S. Department of Housing and Urban Development.

Holtville, City of Imperial Come Into Housing Element Law Compliance

The cities of Holtville and the City of Imperial have become the eighth and ninth cities to come into compliance with state Housing Element law since Governor Gavin Newsom met with mayors earlier this year to address the housing affordability crisis in California.

Holtville adopted an ordinance to allow for a variety of housing types that address the housing needs for low-income families and special needs populations, including farmworkers. The City of Imperial has committed to addressing the housing needs for lower-income families through increasing densities to provide opportunities to support mixed-use development.

Pico Rivera at Risk of Losing Compliance

HCD continues to hold local jurisdictions accountable for complying with Housing Element law, and today sent a letter notifying the city of Pico Rivera they are in violation of California’s Housing Element Law. The city has failed to zone to accommodate enough units to meet is Regional Housing Needs Allocation targets. Pico Rivera has 30 days to respond to HCD’s findings before HCD will take actions to pull the city’s Housing Element compliance.

In addition, HCD is working with a handful of California jurisdictions that are at risk of falling out of compliance with state housing law, including Housing Element law, the Housing Accountability Act, Density Bonus law, no net loss requirements and potential fair housing issues.

SB 2 Planning Grants

$3.15 Million

Community Development Block Grant

$21.7 Million