12112017Mon
Last updateWed, 06 Dec 2017 2pm

Assessor reminds homebuyers about supplemental property tax

At a recent Silicon Valley Association of Realtors meeting, Santa Clara County Assessor Larry Stone enlisted the help of realtors to remind new homebuyers about the supplemental property tax.

Stone said that while he is aware realtors mention the tax when explaining the real estate transaction process, he indicated that often new homebuyers are so excited about purchasing a home, they don’t remember that they will be receiving the supplemental property tax bill months after they move in.

Gitane boutique hosts fundraiser for PRERNA refugee organization


Elizabeth Barcelos/Town Crier
PRERNA volunteers welcomed shoppers to their trunk sale fundraiser, co-hosted by Gitane Freedom of Style boutique in downtown Los Altos. Supporters include, from left, Farah Al Saka, Shreyani Shah, Karen Mecker and Dharini Hiremagalur.

With the idea that the season of giving shouldn’t apply just to friends and family, Gitane Freedom of Style boutique on State Street in downtown Los Altos hosted a holiday trunk show fundraiser Nov. 9 for the refugee support organization PRERNA.

In addition to offering shoppers 15 percent off their purchases, Gitane donated 20 percent of the evening’s sales to the nonprofit agency.

Not paying attention to IRA rules can prove costly to contributors

Most people I speak to are aware of the 10 percent penalty for withdrawing from an IRA prior to age 59 1/2. But there also are penalties for contributing too much in a given year or for not withdrawing enough each year in retirement. Which is worse? By far it’s the latter.

The penalty for making excess contributions to your IRA – more than $5,500, or $6,500 if you’re over age 50 – is only 6 percent of the excess amount. That’s less than the penalty for withdrawing too soon. As long as you withdraw the excess amount prior to Oct. 15 of the year the tax is due (that’s Oct. 15, 2018, for the 2017 tax year), no penalty will be imposed.

SV luxury home sales rise in September

The Silicon Valley luxury home market experienced a gain in total sales in September year-over-year, according to a report by Coldwell Banker Residential Brokerage.

A total of 59 residential properties priced $3 million and higher were sold in September, a 40 percent increase from 42 sales in September 2016. The median price for luxury properties sold in September dipped to $3.5 million from $3.875 million in September 2016, a slip of 9.7 percent. The totals are based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.

Business Brief

Realtor hosts workshop on tax reform

Realtor Matt McCormick has scheduled the real estate workshop “The Tax Cuts and Jobs Act: How Will It Affect You?” 6:30-8 p.m. Nov. 30 in the Orchard Room of the Los Altos main library, 13 S. San Antonio Road.

McCormick will discuss new federal tax-cut proposals for homeowners and answer questions.

Keller Williams plans to open Los Altos realty office in new year

Keller Williams Bay Area Estates will expand to Los Altos in early 2018, adding to the realty company’s offices in Los Gatos, Saratoga, Carmel, Burlingame and San Francisco.

According to Mark von Kaenel, operating partner at Keller Williams, extending the company’s services into Los Altos makes good business sense.


Schools »

Schools
Read More

Sports »

sports
Read More

People »

people
Read More

Special Sections »

Special Sections
Read More

Photos of Los Altos

photoshelter
Browse and buy photos