
Wishing you and yours all the best in a very welcome New Year 2021!!!
Bass Lake Real Estate Experts Since 1970
by Beth Carver
Wishing you and yours all the best in a very welcome New Year 2021!!!
by Beth Carver
Local knowledge works in your best interest…
And so do we!
Call 559-642-3610 today for your
FREE home Evaluation!
By: D. Keith Dunnagan, Esq.
November 17, 2020
Property tax portability (Statewide Proposition 19) was on the ballot this year. As of today, the measure appears likely to pass with approximately 51.1% of the current vote tally. Proposition 13 (1978) has shaped the way property taxes are calculated for homeowners in California for decades, by allowing parents to pass their property to their children while keeping their same property tax basis. However, as property values have increased statewide, seniors who wanted to downsize sometimes felt trapped in their home. Changing homes in many cases meant increased value and increased taxes. Seniors on fixed incomes could not afford the increased property tax.
Prior to Prop 19, only a few California counties allowed seniors to transfer their property tax basis to a new home in the new county. Most counties prohibited such transfer of an existing tax basis. This was one of the key selling points for proponents of this year’s Prop 19. While it appears likely to pass, the election will not be certified until December 11, 2020, and there are still outstanding ballots to process. But assuming Prop 19 passes and becomes law, what does it mean for California property tax issues?
First, Prop 19 would allow a property tax basis transfer between counties for three groups of people: individuals that are (1) over the age of 55; (2) severely disabled; or (3) victims of wildfire or natural disaster. To transfer the tax basis, the eligible individual must acquire a replacement property at or below the full cash value of the current home. If the replacement property has a full cash value that exceeds the value of the replaced property, the new tax basis would be calculated by adding the excess value to the cash value of the new property for property tax purposes. The individual must claim the homeowner’s exemption at the time of the purchase or transfer in order to avoid reassessment, but there is a one-year cure period.
Second, Prop 19 changes the tax basis for inherited property. Under existing law, property transferred between parent and child was always exempt from reassessment. Under Prop 19, if passed, transfer of properties between parent and child will retain its current property tax basis only if it is maintained as a primary residence by the child. If the child does not maintain its primary residence in the transferred property, the property will be reassessed for tax purposes. This means, for example, that if mom and dad transfer a rental property to their child and that child maintains its rental/investment property characteristic, it would be subject to reassessment.
Now, you might be wondering, what happens to properties that were transferred between parent and child prior to the passage of Prop 19 that are used as rental property. Let’s say, mom and dad transferred their primary residence to their child in 2013 and that property has been consistently used as a rental property since the child received it — will it be subject to reassessment now? That is a good question, and it may take some test cases to make it through the courts before we know for sure. But, based upon the text of the Proposition, it seems that this situation would not result in a reassessment. Sec. 2.1(d) states: “Subdivision (h) of Section 2 [which exempts a transfer of a principal residence to a child and does not require a child to maintain the use as a primary residence] shall apply to any purchase or transfer that occurs on or before February 15, 2021 (effective date), but shall not apply to any purchase or transfer occurring after that date.” Thus, it appears that a child could receive mom and dad’s primary residence prior to the effective date and keep the parents’ property tax basis without being required to maintain the property as a primary residence.
However, if the same scenario transfer occurred after the effective date, the child would have to maintain the received property as a principal residence to maintain the property tax basis. Sec. 2.1(c)(1) of Prop 19 specifically requires that “the property continues as the family home of the transferee.”
One thing is certain, if you are considering an inter-family transfer in the foreseeable future, there may be some tax benefits to completing that transfer before the effective date of Prop 19. The attorneys at BPE Law have significant experience in advising realtors, investors and property owners related to their real estate needs and goals.
The information presented in this Article is not to be taken as legal advice. Every person’s situation is different. If you are facing a legal issue of any kind, get competent legal advice in your State immediately so that you can determine your best options.
Remember, if you are planning a trip to the mountain area, click here for a list of restaurants currently offering curbside / take out service, open shops, & open beverages.As questions arise, feel free to call, text, or hit reply with any questions so that we can all remain safe while meeting your real estate requirements.Call, text (559) 658-1784, or hit reply with any questions!
YOUR Bass Lake Realty Team
Bass Lake Realty Inc
Serving You Since 1970
www.BassLakeRealty.com
Real Estate Sales
Property Management
+1 (888) 220-8633
+1 (559) 642-3610
PO Box 349
(Mailing address.)
54335 Rd 432
(Physical address.)
Bass Lake CA 93604
DRE License Number 01477156
by Beth Carver
Happy Thanksgiving!
Thank you from all of us here at Bass Lake Realty. Wishing you and yours all the best in the coming Holiday Season and in all things!
Your Bass Lake Realty Team
Real Estate Sales
(888) 220-8633
Bass Lake Realty Inc
PO Box 349
54335 North Shore Road
Bass Lake CA 93604
BRE License Number 01477156
by Beth Carver
Local knowledge works in your best interest…
And so do we!
Call 559-642-3610 today for your
FREE home Evaluation!
November 5, 2020
PG&E Will Seek Buyer for its Crane Valley Hydroelectric Facilities in Madera County
FRESNO, Calif. – Pacific Gas and Electric Company (PG&E) today announced that it plans to sell its Crane Valley Hydroelectric Project in Madera County. This includes the dam that forms Bass Lake and PG&E lands on portions of the lake, which are protected by a conservation easement. A new owner would also need to comply with the license conditions, which include provisions for public recreation.
Click here for further details..
The election results have yet to be finalized, but there is a lot we already know about how the next few months of the housing market will play out in California.
While each candidate offers a different set of policies that will impact the housing market, it is also important to note that the Presidential election is largely about defining the rules of the road.
How will Fannie Mae and Freddie Mac be operated? What types of Governors will be appointed to the Federal Reserve? What are the tax policies that will be pursued and how will those favor or disadvantage housing relative to other types of investments? Do we offer first time homebuyer tax credits or not?
When it comes housing market over the short run, the trajectory has (mostly) already been set by the economic environment. When it comes to predicting the behavior of either prices or sales using a statistical model, the key drivers are the fundamentals of the household’s personal and financial situation.
Indeed, once you control for the basics like: “Do I have a job?” “Are home prices rising?” “Has my income gone up?” “Did I get married?” “Did I get divorced?” “Did I have a kid?” “Are interest rates low?” “How’s the economy doing?” and others, the effects of a presidential election lose any predictive value.
In addition, there are real reasons to be optimistic about California’s housing market during the re-mainder of 2020 and for 2021 regardless of who ends up winning the election. First, home sales continue to rise by double-digits relative to 2019 levels and our pending sales index suggests that California will maintain a 10% + pace through at least November.
Weekly closed sales remain unseasonably strong through the end of October and our forecast calls for even more home sales in 2021 – hitting the fastest pace of sales in 5 years.
Home prices continue to set new records as well due to robust demand amidst interest rates that have never been lower. Whether measured with requests for private showings on Showingtime.com, purchase mortgage applications, or PEAD forms being filled out, there are many more buyers than homes available for sale. In fact, one silver lining for real estate from the current crisis is that the pandemic has made our homes valuable to us than ever before. Not only did our California Housing Sentiment Index (a monthly survey of roughly 1,000 Californians) show the percentage of respond-ents telling us that it was a good time to buy a home hold steady—it actually increased with the onset of the crisis.
Since we began surveying consumers more than 30 years ago, homeownership has always been synonymous with the American Dream. A majority of Californians regularly, and consistently, report that homeownership is either very or extremely important to them. More than half find it at least somewhat important—even in our most recent survey and even amongst millennials and younger households. Many families are still struggling with the effects of the recession and will continue to do so.
However, many others have found themselves with an increased need for housing coupled with the flexibility to be able to pursue that American Dream of homeownership now that they are able to work remotely.
Thus, even as political uncertainty will likely dominate the headlines for this week, the stage for hous-ing in the rest of 2020 and the first half of 2021 has already been set. The eventual winner of the presidential election will undoubtedly put his stamp on the trajectory of U.S. policy in the future, but for now, California is still in an environment with a gradually healing economy, low rates, lots of buyers, and not enough homes.
MADERA COUNTY – Nov 13, 2020 – Madera County currently has 67,743 registered voters with 52,678 ballots cast in this election resulting in a 77.76% turnout. Below are the current results for Madera County elections 2020.
Governing Board Member Bass Lake, Area 1 – Bill Atwood 66.99%, Brian J. Stewart 33.01%
Governing Board Member Bass Lake, Area 4 – Steven R. High 53.49%, Ryan Madaus 46.51%
Governing Board Member Bass Lake, Area 5 – Ronda L. Clarke 63.34%, Patrick Neil Althizer 36.66%
US Repentresative District 4 – Tom McClintock 66.28% , Brynne Kennedy 33.72%
Member of the Assembly District 5 – Frank Bigelow 100%
For a complete breakdown of how Madera County voted as well as detail for all races above click here.
CLICK FOR COVID-19 RE BEST PRACTICES..
As California moves through the stages of COVID reopening, you may find this list of local restaurants and businesses helpful if you come up to the mountain area. Click here..
Click here for State of California Covid info..
Remember, if you are planning a trip to the mountain area, click here for a list of restaurants currently offering curbside / take out service, open shops, & open beverages.As questions arise, feel free to call, text, or hit reply with any questions so that we can all remain safe while meeting your real estate requirements.Call, text (559) 658-1784, or hit reply with any questions!
Bass Lake Realty Inc
Serving You Since 1970
www.BassLakeRealty.com
Real Estate Sales
Property Management
+1 (888) 220-8633
+1 (559) 642-3610
PO Box 349
(Mailing address.)
54335 Rd 432
(Physical address.)
Bass Lake CA 93604
DRE License Number 01477156
by Beth Carver
FRESNO, Calif.—Pacific Gas and Electric Company (PG&E) today announced that it plans to sell its Crane Valley Hydroelectric Project in Madera County. This includes the dam that forms Bass Lake and PG&E lands on portions of the lake, which are protected by a conservation easement. A new owner would also need to comply with the license conditions, which include provisions for public recreation.
PG&E’s Crane Valley Project consists of five hydroelectric powerhouses, two dams that form storage reservoirs and seven smaller diversion dams along the north and south forks of Willow Creek. The Crane Valley Project is home to Bass Lake, a popular recreation and tourism destination.
Over the next several months, PG&E will prepare materials for a “request for offers” type of auction process intended to meet the needs of both seller and buyer. In addition to price, PG&E will consider other factors, such as the buyer’s experience in operating a hydroelectric facility and working with resource agencies. This auction process is scheduled to begin next spring and the sale will be subject to regulatory approval.
PG&E expects a transfer of ownership could take approximately three years to complete. In the meantime, PG&E will continue to own and operate the Crane Valley Project in compliance with its federal license, including recreation facilities. Because PG&E will continue to operate the project for years to come, the company is not planning any near-term changes to the workforce supporting ongoing operations and maintenance of these facilities. It also gives PG&E time to identify opportunities for additional training and reassignments for any employees affected upon a sale.
PG&E is seeking a new owner for the Crane Valley Project as it no longer serves as an economical source of electricity generation for the utility’s customers. An increasingly competitive energy market, lower forecasted generation needs for PG&E’s bundled electric customers and the increasing cost of operating the facilities are all factors in the company’s decision to sell. The proposed sale is not related to bankruptcy, from which PG&E emerged in July of this year (2020).
“The natural beauty and water resources of Bass Lake and the rest of the Crane Valley Project are so special to California. PG&E recognizes the importance of Bass Lake to the local economy and we intend to find a new owner for the project who appreciates its many special attributes and has the experience to operate it in compliance with regulatory requirements,” said Jan Nimick, Vice President of Power Generation at PG&E.
2
The Crane Valley Project was constructed between 1895 and 1920 by the San Joaquin Power Company, which later became the San Joaquin Light and Power Corporation. In 1936, San Joaquin Light and Power Corp. merged with PG&E.
The project includes the Crane Valley, San Joaquin No. 3, San Joaquin No. 2, San Joaquin No. 1A and A.G. Wishon powerhouses, plus storage reservoirs Bass Lake and Chilkoot Lake. When operating at full capacity, the project provides 28.7 MW’s of clean, renewable energy.
PG&E expects to select the best overall proposal for the project and begin formal negotiations with a buyer in late 2021. Approval by Federal Energy Regulatory Commission (FERC) and the California Public Utilities Commission (CPUC) will be needed prior to any transfer of ownership.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 24,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
by Beth Carver
MAY 29, 2020 : CLICK HERE FOR UPDATED Guidelines for Real Estate Best Practices During COVID-19
Guidelines or Real Estate Best Practices During COVID-19 Updated on March 31, 2020
The CALIFORNIA ASSOCIATION OF REALTORS® offers these Best Practices Guidelines to assist you in the safe practice of real estate. Following these guidelines will enable REALTORS® to demonstrate care for the health and well-being of clients, colleagues and the greater public welfare in reducing the risk of exposure to, and spread of, COVID-19, while providing the essential services of residential and commercial real estate recognized by the Department of Homeland Security as being necessary for the maintenance of America’s Critical Infrastructure.
Best Practices Guidelines
These guidelines reflect our understanding of Governor Newsom’s stay-at-home order issued March 19, as updated by the “Advisory Memorandum on Identification of Essential Critical Infrastructure Workers During COVID-19 Response” from March 28, 2020, which expressly includes residential and commercial real estate, including settlement services, as essential services.
⚠️ Check Your City or County for More Restrictive Local Shelter-In-Place Orders.
If a city or county in which you do your business activity has an order with a more restrictive standard regarding what qualifies as an essential service, or more restrictions on activities, those guidelines will still govern the activities of a licensee. In other words, if there is a more restrictive local order, it must still be followed. That order may prevent or limit your ability to conduct real estate activity.
What are the recommended best practices that must be followed in all circumstances?
Best practices related to entering a seller’s property:
All showings are to be held by appointment only.
Consider limiting in-person, non-virtual showings to “serious” potential buyers, who are those who have provided verifications of funds and lender prequalification letters to show they are able to purchase the property that is the subject of the showing.
The following activities are permissible within these guidelines if all of the above best practices are followed:
Pre-marketing activities
The written approval of the seller for all pre-marketing activities must be obtained by the listing agent. No third party can enter the property if they have not agreed to follow CDC guidelines. Even for contractors and workers, gloves and other protective gear are mandated, as is the declaration that they are asymptomatic and agree to follow CDC guidelines.
To assist you, C.A.R. has released two new forms: One is a Listing Agreement Coronavirus Addendum or Amendment (RLA-CAA) for sellers and listing agents to sign, and the other is a Property Viewing Advisory and Declaration (PEAD) that is to be given to and signed by the seller, buyer, agents and anyone else who will be entering a property. You can find both forms here.
Marketing activities
The written approval of the seller for all marketing activities must be obtained by the listing agent. No third party can remain unattended at the property. For all persons entering the property, gloves and other protective gear are mandated, as is the declaration that they are asymptomatic.
Drafting and acceptance of purchase agreements or other contracts
All of the following activities can and should be processed electronically:
Completing the transaction
Closing and moving
2020 Copyright © CALIFORNIA ASSOCIATION OF REALTORS®. All Rights Reserved.