All things considered, there is no good reason residential, commercial and industrial property owners in every state in the United States shouldn’t have property tax relief, modeled after California tax relief. And not wind up in a nightmare with the tax people as they did in California. with widows and elderly veterans and retirees living off fixed incomes being evicted from their homes on a regular basis… prior to 1978.
This is really where the major problem is with many middle class estates, along with estate taxes often enough. Without property tax benefits, as California has had since 1978, so many beneficiaries in so many different estate, inheriting property from parents, simply can’t afford the upkeep and property taxes on their inherited home, and frequently are forced to sell their parents’ property. Often against their will.
There is a lot of talk among real estate attorneys and property tax advisors in states other than California about adopting some sort of property tax shelter to help middle class Americans in a genuine fashion, long-term. Instead of consistently bleeding the general public dry year after year, decade after decade… while multi-millionaires and billionaires pay less and less taxes by raising the national debt by a trillion or two. Especially during so-called conservative administrations, which generally lean towards assisting the wealthy with tax cuts while ignoring tax relief needs of the middle class and working classes. Moreover, particularly in the midst of a global Pandemic, where we have millions our of work, no federal leadership, and 30 or so states in the Midwest and Deep South in deep trouble with Coronavirus health and economic issues piling up, with no end in sight. What better time than now to pass national property tax relief, benefiting all states.
To out it bluntly, it’s time that the middle class have their day, and get to enjoy genuine property tax relief to free up some more cash so they can enjoy their lives a bit more, with a little less financial stress. However, the trick is to enlist the interest of the public itself, as well as certain name brand politicians, which would, if they had some intelligence and common sense, endear them to their constituents forever.
If, by any chance you reside in California, and you happen to be a beneficiary inheriting property from your parents, consider yourself to be very lucky. Instead of buckling under to family conflicts revolving around property issues, you’d be able to buyout siblings’ property shares, while retaining a low Proposition 13 protected base property tax rate – plus always take advantage, anywhere in the state, of your right to avoid property tax reassessment; to transfer parents property taxes, and keep parents property taxes when inheriting property taxes.
This is why so many property tax advisors and real estate lawyers in various locations believe every single state should have a property tax measure similar to CA Proposition 13, Proposition 58 & Prop 193. The California model is a perfect prototype to mirror for effective, seamless property tax breaks; including the right to transfer parents property taxes, inheriting property taxes and the ability to keep parents property taxes for all property tax transfer scenarios involving parent to child transfer or parent to child exclusion from present day property tax rates… involving beneficiaries of family trusts – most importantly, avoiding property tax reassessment. To mirror Proposition 58 type of benefits, states without property tax relief would need to also adopt the ability to help beneficiaries buy out sibling property – as realtors call it, “transfer of property between siblings” or “sibling to sibling property transfer”, or buying out siblings’ share of a house. And beneficiaries everywhere, if they are aware of it, rarely disagree.
Beneficiaries, as well as residential, industrial and commercial property owners in every state in America need to research these forms of property tax relief at resource blogs like “Property Tax Transfer”; as well as Websites that focus on California Proposition 58, on the property tax transfer process, and on how trust loans from trust lenders work, to help beneficiaries buy out sibling property, from start to finish… outlining how the unique combination of a trust loan with Proposition 58 serves to equalize the distribution of cash for trust beneficiaries… at Websites like “Trust & Estate Loans”…
Or perhaps at a well known, premium trust lender’s Website that delves into the actual nuts & bolts of the Proposition 58 / trust lending process, for example at the popular, first-class Commercial Loan Corp. Website; which is, arguably, the most visited Website of it’s kind in this specific lending category.
This gives beneficiaries enough information to successfully avoid estate conflicts between siblings; with some beneficiaries insisting on selling inherited property, and some wanting to keep their inherited property, at a low long-term property tax base.