CONTRA COSTA REAL ESTATE & PROPERTY TAXES UPDATE

Posted by Barbara Bontemps

on May 21, 2013

Dan Lawrence introduced our speaker for the day, Gus Kramer, Contra Costa County Assessor. Gus was born in Pittsburg, received an MBA at USF and has had a varied career in public service—public works, coroner, mortuary in Antioch. His specialty is in taxes.

Assessor Kramer gave a general overview of the real estate market in Contra Costa County. Some areas are still bottoming out while others are climbing back to earlier levels -- especially here in Lamorinda. He passed out some flyers and explained some of the recently voter approved propositions, such as Prop 8, which covers declines in property value. It allows homeowners to request a reassessment of their property valuation. To do so, one can write a letter to the clerk at the Assessor’s Office, 651 Pine St., Martinez 94553.

Mr. Kramer also addressed property transfers as covered under Prop 60 -- another way to reduce taxes, if done properly. He noted that any intent to transfer ownership to children or grandchildren should only be done with professional advice, lawyer, mortgage broker, title company et al. Contra Costa County permits retention of property taxes within the County. This works on an individual county basis and should be checked before making sales and repurchases.

If you have questions regarding assessments, property transfers or other options you can telephone Gus’ office at (925) 313-7400.