As we all know, the Coronavirus crisis is not abating in many states – causing severe and consistent unemployment, and overall economic uncertainly. Certain states are floundering more than others, without any federal support of any kind, even PPE – thereby costing tens of thousands of families the lives of loved ones.
With millions of jobs initially put on hold – jobs that were placed on “furloughed” status or were standard “lay-offs”… are still in question, as far as resurgence is concerned. Regrettably, it’s impossible to determine the exact number of jobs lost, as some return: whereas others do not. Therefore, constant fluctuations make permanent calculations difficult to nail down.
Making matters even more challenging, the federal government historically calculates “unemployment rates” by adding up the number of workers signing up for unemployment checks; and deduce an unemployment rate in this fashion. However, once workers stop getting unemployment checks they somehow magically disappear off the grid. As if they somehow were never in the system.
It would be safe to say that unemployment, nationally and statewide, remains at critical levels. And yet California is still the only state in the union that provides middle class residential and commercial property owners with genuine property tax breaks.
And this is exactly what every state in America needs right now, with unemployment and Covid still spiraling out of control. Lowering property taxes would surely loosen up some cash to help working families buy food and maintain some decent health coverage, plus put some money away for emergencies.
If we were able to get property tax measures passed in most states, similar to the mega-popular tax breaks California home owners and commercial property owners enjoy, the overall positive cumulative affect on American tax payers would be significant. Folks would be able to easily transfer parents property taxes, and keep transfer parents property taxes, or buyout while inheriting property taxes at a low base rate.
Especially in times like this – shouldn’t we all have access to property tax relief like this? An intra-family loan to a trust, using Proposition 13 and Proposition 58 type of property tax transfer benefits and tax breaks, with parent to child transfer or as law firms refer to it – parent to child exclusion, or exemptions.
Do some research and push your Beltway representatives in Congress to put together some bills like California has passed to help home owners and commercial property owners. And you can use the Covid crisis for added motivation. This is covered on informative, accurate niche Websites such as Commercial Loan Corp.
An intra-family loan to a trust in conjunction with Proposition 58, or Prop 193, makes it possible to maintain a low property tax base basically forever upon a beneficiary buyout of sibling property shares, or as realtors call it, “the transfer of property between siblings”, and “lending money to an irrevocable trust“ – typically from an irrevocable trust loan lender.
While you’re at it, take a look at the CA State Board of Equalization to find out how all this works, or research niche info blogs such as this one, Property Tax Transfer… Plus other sites focused on property tax breaks for Californians. And let’s be frank… Living in that state, although there are great benefits, is admittedly expensive – in relation to many other states.
States like New York, Texas, New Jersey, Connecticut, Massachusetts… are all expensive states to reside in. With zero property tax relief or significant tax breaks of any kind – unless you’re a multi-millionaire or billionaire. Then you get nothing but legislated V.I.P. tax cuts. However, firms like Commercial Loan Corp, or Paramount Property Tax Appeal, provide V.I.P. property tax breaks or V.I.P. personal business and property tax reduction to everyone…. regardless or income or overall net worth.