REAL ESTATE: Home buyer incentive for 55-plus set begins today
Madeline Dawson didn’t have to face life alone after the death of a loving husband.
Prop. 90 was in effect in Riverside County at the time, enabling the 80-year-old woman who lived in Costa Mesa for 45 years to sell her house and buy a property to be closer to her children and all but one grandchild, without taking a major property tax hit.
Edward Zorn, a Corona real estate broker, said the lives of her entire family and the community was enriched because of it. Dawson snapped out of depression. She entertained, became a mentor and a volunteer before she died.
Dawson even got credit for the $800,000 home one of her five grandchildren — a CEO of a local credit union — bought in Riverside County so he could be closer to his grandmother.
“The economics are obvious,” Zorn told the Riverside County Board of Supervisors on July 30 before their unanimous vote to reinstate California state laws known as Props. 90 and 110 to put this once-in-a-lifetime tax relief opportunity in effect for California homeowners who are severely or permanently disabled, or are older than 55….read more