Cannot Afford Your Property Taxes? New State Program Pays them for You

The California State Board of Equalization (BOE) has issued a letter concerning the law that reinstated the State Controller’s Property Tax Postponement Program, under which the Controller can pay property taxes to county tax collectors on behalf of qualifying individuals who are over the age of 62 or disabled.  Under the program, a claimant must have an annual income of $35,500 or less and at least 40% equity in his or her home. The BOE generally discusses:

• requirements for county assessors who receive from the Controller a notice of lien for postponed property taxes;
• assessors’ notice requirement to the Controller when property with a postponement lien changes ownership or a claimant transfers ownership, changes his or her mailing address, or dies; and
• the Controller’s duty to record a release of the lien when the amount of the obligation secured by that lien is paid in full or otherwise discharged.

Applications may be filed with the Controller beginning September 1, 2016.  If you or your client want more information about this exciting new program, contact a property tax attorney who can assist you.  The  Wilson Tax Law Group specializes in property tax and income tax matters.  Joseph P. Wilson of the Wilson Tax Law Group can be reached at 714-463-4430 if you have any questions.

 

Cannot Afford Your Property Taxes? New State Program Pays them for You

The California State Board of Equalization (BOE) has issued a letter concerning the law that reinstated the State Controller’s Property Tax Postponement Program, under which the Controller can pay property taxes to county tax collectors on behalf of qualifying individuals who are over the age of 62 or disabled.  Under the program, a claimant must have an annual income of $35,500 or less and at least 40% equity in his or her home. The BOE generally discusses:

• requirements for county assessors who receive from the Controller a notice of lien for postponed property taxes;
• assessors’ notice requirement to the Controller when property with a postponement lien changes ownership or a claimant transfers ownership, changes his or her mailing address, or dies; and
• the Controller’s duty to record a release of the lien when the amount of the obligation secured by that lien is paid in full or otherwise discharged.

Applications may be filed with the Controller beginning September 1, 2016.  If you or your client want more information about this exciting new program, contact a property tax attorney who can assist you.  The  Wilson Tax Law Group specializes in property tax and income tax matters.  Joseph P. Wilson of the Wilson Tax Law Group can be reached at 714-463-4430 if you have any questions.

 

Property Tax: Ten Counties Allow Intercounty Base Year Value Transfers

Effective November 20, 2014, 10 California counties will have property tax ordinances implementing the intercounty base year value transfer provisions for persons who are at least age 55 or are severely and permanently disabled. The counties are Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, and Ventura. The latest county to be added was San Bernardino, which adopted an ordinance in October 2014 that applies to replacement dwellings that are purchased or newly constructed in the county on or after January 1, 2014.  Be careful when deciding where to move because numerous counties do not honor the base year transfer.

If you or your client is at least age 55 and is considering whether to  move to a new residence be sure to contact a property tax expert to make sure you don't lose your low property tax base.  The  Wilson Tax Law Group specializes in property tax and income tax matters. Please contact Joseph P. Wilson at 714-463-4430 if you have any questions.

Property Tax: Ten Counties Allow Intercounty Base Year Value Transfers

Effective November 20, 2014, 10 California counties will have property tax ordinances implementing the intercounty base year value transfer provisions for persons who are at least age 55 or are severely and permanently disabled. The counties are Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, and Ventura. The latest county to be added was San Bernardino, which adopted an ordinance in October 2014 that applies to replacement dwellings that are purchased or newly constructed in the county on or after January 1, 2014.  Be careful when deciding where to move because numerous counties do not honor the base year transfer.

If you or your client is at least age 55 and is considering whether to  move to a new residence be sure to contact a property tax expert to make sure you don't lose your low property tax base.  The  Wilson Tax Law Group specializes in property tax and income tax matters. Please contact Joseph P. Wilson at 714-463-4430 if you have any questions.

California—Property Tax: Solar Energy System Exclusion Extended

In California there are basically two ways that your property taxes can be reassessed at full market value. One is when you sell or purchase the real property. The second is if you have new construction or have a major addition to the real property. There are numerous tax incentives both in California and at the Federal level to promote green energy. One such incentive includes the California property tax rules which were amended to provide an exclusion from classification as newly constructed for the construction or addition of an active solar energy system. Thus, if you install a solar energy system on your rooftop that will not cause your property taxes to increases because of new construction. The exclusion however was set to expire in 2015-16. The good news is that the exclusion has been extended and now applies to property tax lien dates through 2023-24 fiscal year. Under the new amendments the exclusion is repealed January 1, 2025 (formerly 2017). Therefore, active solar energy systems that qualify for the exclusion prior to January 1, 2025 (formerly, 2017) will continue to be excluded on and after that date until there is a subsequent change in ownership. See S.B. 871, Laws 2014, effective June 20, 2014. This is great news for anyone interested in installing a solar energy system because your property tax base will not be reassessed at fair market value and it will continue to increase at no more than 2 percent per year under Proposition 13. That is as long as Proposition 13 does not get repealed or amended.

If you are an owner of real estate or solar energy provider in California and have questions about property taxes or other types of solar tax incentives, please contact the Wilson Tax Law Group. We can be reached 714-463-4430.

California—Property Tax: Solar Energy System Exclusion Extended

In California there are basically two ways that your property taxes can be reassessed at full market value. One is when you sell or purchase the real property. The second is if you have new construction or have a major addition to the real property. There are numerous tax incentives both in California and at the Federal level to promote green energy. One such incentive includes the California property tax rules which were amended to provide an exclusion from classification as newly constructed for the construction or addition of an active solar energy system. Thus, if you install a solar energy system on your rooftop that will not cause your property taxes to increases because of new construction. The exclusion however was set to expire in 2015-16. The good news is that the exclusion has been extended and now applies to property tax lien dates through 2023-24 fiscal year. Under the new amendments the exclusion is repealed January 1, 2025 (formerly 2017). Therefore, active solar energy systems that qualify for the exclusion prior to January 1, 2025 (formerly, 2017) will continue to be excluded on and after that date until there is a subsequent change in ownership. See S.B. 871, Laws 2014, effective June 20, 2014. This is great news for anyone interested in installing a solar energy system because your property tax base will not be reassessed at fair market value and it will continue to increase at no more than 2 percent per year under Proposition 13. That is as long as Proposition 13 does not get repealed or amended.

If you are an owner of real estate or solar energy provider in California and have questions about property taxes or other types of solar tax incentives, please contact the Wilson Tax Law Group. We can be reached 714-463-4430.