In a Pandemic depressed economy, with a tsunami of unemployed and under-employed workers floating around in every state… it’s obvious that middle class working families need to save more… and spend less – on items not classified as necessary for survival. Property taxes being one of those sort of artificial expenses imposed on citizens by the government.
One solution for this dilemma is property tax relief, which we talk about at length on this blog. Why not institute genuine property tax relief, not tax deferment as the state government has suggested, moving payment dates around. Clearly ineffective in a crisis like the one we’re in right now. California needs expanded property tax relief that’s even more wide reaching than what we have now.
We should be building on what we already have – not watering it down! Despite property tax breaks that no other state has, California could use expanded tax breaks from Proposition 19, to help homeowners establish an even lower property tax base, saving residents even more during a crisis like the pandemic we’re in right now. With an even greater ability to resolve inherited property conflicts between beneficiaries as well.
In other words, a beneficiary buyout of co-beneficiary property shares, while avoiding property tax reassessment, can be re-drawn so there is no 12-month deadline for beneficiaries to follow… Plus the ability to avoid property tax reassessment on certain investment properties that have revenue potential.
Residents need more opportunities in a depressed economy like we’re in now to drive revenue, not less. Solutions like inheriting property taxes in California 2021 need to be expanded statewide, and legally strengthened. Solutions and firms like that will help beneficiaries & homeowners buyout a sibling’s share of an inherited home as an investment property to rent out, not just to live in as a primary residence.
Every property owner should understand the details underlying Prop 19, and know what’s involved with a beneficiary buyout of sibling property shares, or “transfer of property between siblings”, and “lending money to an irrevocable trust“ – from an irrevocable trust lender. Every California homeowner and beneficiary inheriting property should know how a sibling to sibling property transfer works; keeping yearly taxes on property at parents low rates; and inheriting property taxes in California 2021.
Only California allows this, so it’s worth taking a closer look, and taking full advantage of. Take a look at the site managed by CA State Board of Equalization, at and research property tax breaks and Proposition 19 property tax relief revisions at Loan to a Trust and read up on updates to Proposition 19 at this blog, Property Tax News. There are also property tax consultants to learn from such as property tax specialist Michael Wyatt Consulting who are experts at property tax breaks that save homeowners, commercial property owners, and beneficiaries inheriting property thousands of dollars if not tens of thousands of dollars every year.
The well known president of Commercial Loan Corp, Kerry Smith is another expert to learn from, or to receive a trust loan from, if the need is there. Trust and Estate Loans is another source of excellent material, if you want to learn more about establishing a low base property tax rate through a trust loan, and Californians ability to execute a transfer of parents’ property and transfer of parents property taxes when inheriting parents property and inheriting property taxes during a property tax transfer with your parents’ low property tax base. If you’re going to own property in California, it’s worth it to know about your ability to avoid property tax reassessment, and to keep parents property taxes. Well worth it!