A couple of things worth mentioning, as we’re on the subject of replacing political noise with fact-based information…
The Coronavirus driven mortgage foreclosure and credit card default catastrophes are coming, given the tens of millions of people that are unemployed nationally… with millions unemployed in California alone. Let’s not forget that. And the CA Legislature wants to raise property taxes in the middle of a pandemic?
Making matters even scarier for people, there is talk about eliminating the payroll tax, unraveling Medicare, and Social Security so those programs are defunded by 2023. Not a particularly good idea in the midst of a Covid-19 pandemic, where we saw 84,000 people infected in one day last week. Does California really need a tax hike on property, in a time like this?
We’d have to say no. We don’t need a Proposition 19 to unravel crucial elements making up the foundation of property tax relief in California… And we don’t need a Proposition 15 to take away much needed tax breaks for already struggling landlords and commercial property owners in the state of California. Frankly, we also do not need politicians politicizing the Coronavirus crisis, and we don’t need PR and disinformation from the federal government.
What we do need, however, are some ways to help home owners, and renters, spend less while unemployment rages – and afterward as well. We need a permanent property tax relief system in place in the United States, just like they have in California, to genuinely help Americans spend less and save more. Making sure, for example, that we have the ability to transfer parents property taxes, when inheriting property taxes, so we can avoid property tax reassessment. Without present value tax assessment taking a large bite out of our savings every year.
And of course on top of parent to child transfer protections, we need, just like Californians have – the legal right to transfer parents property taxes when inheriting property taxes; with the ability to keep parents property taxes, in other words property tax transfer that maintains everyone’s property taxes at a predictable low base level, say 2% no more, with iron clad parent to child transfer of low property tax rates when we inherit property from our parents or parent – or, as attorneys call it, “parent to child exemption”. Exclusion from present day property tax evaluation… avoiding property tax reassessment. As they do in California.
Also, with the ability to buyout siblings’ property shares with a trust loan, through Proposition 58, always insuring we keep our parents low property tax rate; avoiding property tax reassessment. Also, being able to buyout sibling’s share of an inherited house – as realtors call it, “transfer of property between siblings” or “sibling to sibling property transfer”.
Californians take these property tax relief measures for granted! Buying my brother’s share of our house or the transfer of property between siblings; Buying out siblings’ share of a house; Buying out property shares through cash to a trust loan from a trust lender, such as Commercial Loan Corp, for example. Imagine that. Meanwhile,.
Most Americans don’t even know what these terms even mean, or what Proposition 13 or Proposition 58, or trust loans, even signify. Just do some initial research on sites like https://cloanc.com/category/prop-58 to learn up on trust loans with Proposition 58 or Prop 193 – keeping a low tax base upon 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.
Just take a careful, thoughtful look at CA State Board of Equalization, at https://www.boe.ca.gov/ or do some easy research on info blogs like https://propertytaxnews.org simply to get the basics down, so you know what you’re talking about when you talk to snooty staffers answering calls at your representative’s office in Washington DC.
>> Click Here to go to Part Three…