Avoiding Property Tax Reassessment & Property Tax Hikes
It is our consensus that normal middle class class residential owners, upper middle class home owners and working families, none of whom are generating a huge income at the moment, should most likely not be supplying the California state government with extra property tax revenue right now.
This is especially true during a financial crisis such as the Covid predicament we find ourselves in during 2021… where revenue is tight all over the country, especially in California, with only a few exceptions here and there – where in general unemployment, as well as under-employment, is extremely high.
Regular middle class and upper middle class homeowners need to be saving money, and spending less, not spending more. Certainly not spending more on housing or standard goods and services, or on income tax or property taxes. We’re not talking about luxury goods or high-end services. That is specific to folks with disposable income, and is an entirely different matter altogether.
As a matter of fact, property taxes are the one big-ticket item just mentioned that is easily lowered, or paused, or even deferred. And if this never occurs, then property owners are going to have to be more cognizant of related details and new tax laws, as well as new ways to avoid property tax reassessment – and tax specialists or real estate experts that are available in California to help with these matters.
Middle Class Property Tax Savings
When times are hard, as they are now, the state should help residents with key information on property tax breaks, helping property owners take full advantage of established property tax breaks, like the new Proposition 19 parent-to-child transfer and parent-to-child exclusion from reassessment of property taxes.
And this means not spending more on taxes when times are hard. Certainly, property owners should all be better informed about inheriting property taxes, and Prop 19 parent-to-child exclusion; about property tax breaks, and being able to transfer parents property taxes, with the right to keep parents property taxes on every property tax transfer.
Owning a Home is Part of the American Dream
Purchasing or inheriting a home is part of the classic American dream, and leaving part of that dream to heirs or beneficiaries is something most of us would be proud of. However, fluid, ever-changing and complicated property tax laws have to be kept up with, either by ourselves, or through specialists that make a living helping property owners with issues like property taxes.
Getting expert property tax advice and estate planning advice can help save that dream, and help sustain good family financial practices for generations to come, where your home and other big ticket investments are concerned.
Genuine Property Tax Relief
The property tax breaks middle class and upper middle class Californians are holding on to are the only safety-net solutions middle class residents have in this state, so the Legislature should be focusing on preserving and strengthening those tax breaks, and on educating and informing Californians about establishing a low tax base for trust beneficiaries; about Prop 19 parent-to-child exclusion and Proposition 19 – parent to child property tax transfer on an inherited home; plus Proposition 13 property tax transfers, as well as the Proposition 19 impact on CA homeowners, and avoiding property reassessment wherever possible – not on obsessively driving more tax revenue, under cloaked measures called “property tax relief” that are merely tax deferments.
Even when it means a little less property tax revenue going into their coffers, it shouldn’t matter to the state government. In the long run, helping to preserve working families’ financial health and helping them to pay less property taxes, thereby building up more savings, will drive greater property tax revenue to the state, as more people will own homes and pay taxes! This is what the Legislature would see if they saw long term rather than short term.
All middle class Californians should be able to depend on secure, authentic property tax relief – like wealthy folks and corporations have in every state in America. Why should only the wealthy enjoy genuine tax cuts and real property tax breaks?