Home › Forums › Housing › Small Boost in Cal housing prices: homestead exemption increased from 75k to 600k
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gzz.
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January 28, 2021 at 2:45 PM #23032January 28, 2021 at 7:18 PM #820496
scaredyclassic
ParticipantI need a bigger mortgage
January 29, 2021 at 11:38 AM #820502carlsbadworker
Participant[quote=scaredyclassic]I need a bigger mortgage[/quote]
That’s incredibly easy. Buy this:
https://www.redfin.com/CA/Temecula/40520-De-Portola-Rd-92592/home/8172035January 29, 2021 at 7:16 PM #820503scaredyclassic
ParticipantThat ones ok, but my place is significantly nicer.
Also its not 600k, its median county sale price or 300k whichever is greater. 450k in riverside.
Maybe a big cashout refi.
February 9, 2021 at 9:23 PM #820545FormerOwner
ParticipantCould the Homestead Exemption be used with a duplex if one unit is owner-occupied?
February 10, 2021 at 7:53 AM #820546gzz
ParticipantHappy to do that research for $$$! If you want to do it, just go to a law library.
The two likely answers are (1) in a foreclosure the court needs to disentangle the value of the owner’s half to determine the homestead exemption (2) it just is all homestead. Courts often have to make simplicity versus fairness determinations like this.
Given that the exemption was so tiny here for so long, I doubt we have any cases on it, and California would simply follow the majority approach of other state courts.
February 10, 2021 at 5:30 PM #820549FormerOwner
ParticipantLOL. Thanks for the feedback gzz; makes sense.
March 8, 2021 at 3:39 PM #820772gzz
ParticipantI will predict another upcoming law that will boost local RE: a restoration of the SALT deduction. Nancy and Chuck both are strong supporters.
It doesn’t even need to be a complete restoration, they could cap it at 30k for example, and it still would be a big boost to both incomes and buying power of people in the 700-2.5m part of the market.
March 29, 2021 at 4:35 PM #820925gzz
ParticipantTwo sources now say FULL SALT is coming back.
That plus 100% biz meal deduction for 2021 makes me a happy camper. 🙂
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