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An informative blog about real estate and residential mortgages in beautiful Orange County, California. You will find how to qualify for the best homes, how to be a successful buyer, and how to sell for top dollar in Orange County.
Wednesday, March 5, 2014
Tuesday, March 4, 2014
Proposition 13! What does it do for us Californians and what we need to do about it?
Proposition 13 has protected California home owners and
taxpayers. While our sales and income taxes have increased and currently to be
the highest in the nation, property taxes remains low and predictable. Home
owner can expect their base property taxes will be 1% of their assessed
valuation and will rise at a rate of no more than 2% per year. Before the
Proposition 13, the average tax rate increase was 2.67. On top of that homes
were revalued frequently. During times of rapid property inflation we
experienced the increase of the property taxes nearly to double in some areas.
This was hardest on our seniors and those on fixed incomes. Recently, local elected officials were solicited
by a San Francisco based organization called “Evolve” that was drumming up
support for an effort to change Prop.13 by reducing or eliminating the
protections for commercial properties. This would represent a $6 billion tax
increase with money going to local governments throughout the state. This $6
billion tax increase will show itself in higher rents as building owners recoup
the taxes from their tenants. Business
owners get hit with higher occupancy costs.
The biggest possible impact will be in the increased unemployment. Pepperdine University estimates that the
so-called split role will result in a loss of 390,000 California Jobs initially
and the continued loss of 100.000 jobs each year thereafter. If the high-tax-lobby can increase the
commercial property tax now, they will be back in the future to raise taxes on
residential properties. We should all respond with a resounding NO to this San
Francisco-based tax grab.
Sourced and written of OC Realtor magazine article by Mr.
Keith Curry Newport Beach Council Member.
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