by J Wyatt
California Property Tax Appeal
Ok, I had finally had it with the property tax increases here in California. My taxes have been going up by insane amounts for the past six years. At this point, my husband and I could hardly afford the monthly payment
So I am writing this to tell you that WE DID SOMETHING ABOUT IT. Actually, we tried several things. First we filed a general appeal with the Assessor's Office. We waited for weeks only to be denied. We had to beg and plead just to get some kind of justification for my our assessed value was so high. How can the housing market be taking such a "hit" and our assessed value keep rising?
It made no sense at all. And before I go on, let me tell you that I don't live in some beach front, million dollar home. We live in a nice residental neighborhood that was feeling the effects that alot of people around the nation are feeling. Houses in our neighborhood were being sold for ten to fifteen percent less that what they were purchased for back in the late 1990's.
So after my California property tax appeal was unsuccessful, I just could not give up. What was happening was just not right and I wanted justice, or at least a break!
So I did some searching online, but I found few helpful resources. Honestly I just did not know what the next step i could take would be. I needed a guide, a reseource that could explain to me the next step of how to appeal further. I thought of the obvious path, a lawyer, but the costs of hiring an attorney would have far exceeded the increase in property taxes. I am all about winning my California property tax appeal, but not to the point I would actually lose money in the process.
So I came across a blog that had some helpful information on how the system works and how you can fight the system in these situations. I bought this ebook dirt cheap on how to win my California property tax appeal and decided it was worth the effort of my own to save some money since my California property tax appeal was denied unjustly!
I look at it this way, not only am I on a mission to save money NOW, but also save for future years once my assessed value is lowered. If you are in a similar situation and have been denied at every turn, get this book and you will be amazed at all of the options in front of you that your assessors office will never tell you about.
I was fortunate to have found this resource and lowered my assessed value over 6%, making my taxes go down by several hundred dollars. You can get your property taxes lowered NOW by clicking here.
About the Author
J Wyatt is a teacher and loves her job!
Showing posts with label property tax attorney. Show all posts
Showing posts with label property tax attorney. Show all posts
Monday, October 11, 2010
Monday, January 11, 2010
Estate Planning - Key Tax Changes - Florida
by Robert Fowinkle
Taxation of property transfers at death can be traced back to ancient Egypt as early as 700 B.C. Nearly 2,000 years ago, Roman Emperor Caesar Augustus taxed estates of the wealthy at death.
Federal estate tax was implemented by the U.S. Congress in 1916. There was an exemption of $50,000 for residents at that time. Estate tax exemptions have risen over the years from $600,000 in 1987 to $2 million in 2008.
The exemption beginning in 2009 is $3,500,000 and a 45% tax on estate dollars above the exemption. Bush's tax cuts set into motion a gradual phase-out of the estate tax.
"Death should not be a taxable event, and government should not be profiting from death," Republican, Senator Grassley of Iowa, said.
Critics of the current system say it effectively taxes income twice, first when it is earned and again when the earner dies and leaves it to an heir.
Officially as it stands, in 2010 there will be no estate tax, but tax experts generally don't believe that will happen under the new administration. If no congressional action takes place it will revert back to 2001 levels in 2011.
Jonathan Weisman of the Wall Street Journal writes: Democrats in Congress will move quickly to block the estate tax free year of 2010. The Democratic stance on the estate tax contrasts with Mr. Obama's reluctance to press forward with his campaign pledge to raise income-tax rates on top earners. Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%.
I personally have to agree with Senator Grassley's statement above. "Death should not be a taxable event". However if we must have a tax on estates the exemption of $3.5 million per individual and $7 million for couples -- from any taxation and 45% on amounts above would be acceptable at this time.
The element of automatic increases or indexing of the exemptions on individuals and couples is very important and should be implemented into the law. This would certainly help stabilize the estate planning process. Our current system has created a nightmare of changes in the planning process.
I would be remiss if I did not cover one very important issue of the heirs paying the estate taxes. There are four methods of paying federal estate taxes (1) current cash (2) borrowing money or arranging payments to the IRS (3) selling off assets (4) life insurance. The first three methods are the most expensive ways to pay federal estate taxes. Life insurance is by far the least expensive.
If you are in need of an estate planning review I recommend you use a team of three or four professionals. The team should consist of your CPA or accountant, estate planning attorney, estate planning life agent and financial adviser, if you use one.
About the Author
Robert "Bob" Fowinkle, CIC, CLU is the president of Moore, Fowinkle, & Shroer Agency in Bradenton.
Taxation of property transfers at death can be traced back to ancient Egypt as early as 700 B.C. Nearly 2,000 years ago, Roman Emperor Caesar Augustus taxed estates of the wealthy at death.
Federal estate tax was implemented by the U.S. Congress in 1916. There was an exemption of $50,000 for residents at that time. Estate tax exemptions have risen over the years from $600,000 in 1987 to $2 million in 2008.
The exemption beginning in 2009 is $3,500,000 and a 45% tax on estate dollars above the exemption. Bush's tax cuts set into motion a gradual phase-out of the estate tax.
"Death should not be a taxable event, and government should not be profiting from death," Republican, Senator Grassley of Iowa, said.
Critics of the current system say it effectively taxes income twice, first when it is earned and again when the earner dies and leaves it to an heir.
Officially as it stands, in 2010 there will be no estate tax, but tax experts generally don't believe that will happen under the new administration. If no congressional action takes place it will revert back to 2001 levels in 2011.
Jonathan Weisman of the Wall Street Journal writes: Democrats in Congress will move quickly to block the estate tax free year of 2010. The Democratic stance on the estate tax contrasts with Mr. Obama's reluctance to press forward with his campaign pledge to raise income-tax rates on top earners. Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%.
I personally have to agree with Senator Grassley's statement above. "Death should not be a taxable event". However if we must have a tax on estates the exemption of $3.5 million per individual and $7 million for couples -- from any taxation and 45% on amounts above would be acceptable at this time.
The element of automatic increases or indexing of the exemptions on individuals and couples is very important and should be implemented into the law. This would certainly help stabilize the estate planning process. Our current system has created a nightmare of changes in the planning process.
I would be remiss if I did not cover one very important issue of the heirs paying the estate taxes. There are four methods of paying federal estate taxes (1) current cash (2) borrowing money or arranging payments to the IRS (3) selling off assets (4) life insurance. The first three methods are the most expensive ways to pay federal estate taxes. Life insurance is by far the least expensive.
If you are in need of an estate planning review I recommend you use a team of three or four professionals. The team should consist of your CPA or accountant, estate planning attorney, estate planning life agent and financial adviser, if you use one.
About the Author
Robert "Bob" Fowinkle, CIC, CLU is the president of Moore, Fowinkle, & Shroer Agency in Bradenton.
Sunday, April 19, 2009
Tax Savings for Homeowners
by Mark Hostetler
The government is making it easy for homeowners to save on their taxes this year. Whether you're a first time buyer, or just renovating, there are a number of savings out there.
Save The Environment and Money Too!
Thanks to the $700 billion bailout plan, going Green in 2009 can net you some juicy tax credits. A number of incentives that are especially helpful for people living in older homes, include:
- Credit for 30 percent of the cost of a photovoltaic solar energy system. For a wind energy system a homeowner could receive up to $4,000 or 30 percent of the cost of installation of a home windmill system.
- A $1,500 credit for installing energy efficient windows, doors, water heaters, roofs, insulation, heating, or a central air system in 2009 or 2010.
Sell Your Home and Pocket the Profit
Selling your home at a profit provides a juicy tax break if it was your main residence for at least two of the past five years. Singles don't pay taxes on profits of up to $250,000, and married couples have a $500,000 threshold. If, you owned the home for less than two years you may still qualify for gain exclusion if you sold your home due to job, health or unforeseen circumstances (such as divorce or death). Ensure that you have the necessary documents to back up your claim, such as a doctor's letter.
Your First Home Tax Credit/Loan
First time home buyers are entitled to a $7,500 tax credit if they earn less than $75,000 a year (couples may earn up to $150,000). If a buyer has not owned a home in the past three years, and falls in the eligible income range, they can take a tax credit worth 10% of the home's sale price, up to a maximum of $7,500. This applies to homes that have closed between April 9, 2008 and before July 1, 2009, and can be applied to either the 2008 or 2009 taxes.
The really nice part of this tax perk is that it is a true credit. If you owe $8,500 in taxes, the $7,500 credit comes off the top, leaving an amount owing of only $1,000. In addition, it is refundable, which means if you owe less than $7,500 in taxes, the government will send you a check for the difference.
Now, the clincher. Not only is this a refundable tax credit, but it's also a loan. This means that within two years buyers must begin paying it back at no more than $500 per year for 15 years. If the home is sold during that time, the amount is withdrawn from the profit. If there is no profit, the loan slate will be wiped clean.
Save on Property Taxes
There are a few things a homeowner can do to potentially save on property taxes:
Look for errors - up to half of property assessments are inaccurate. Ensure that your ¾ acre property is not being assessed at 1 3/4 acre, or that you aren't being charged for 4 bathrooms when you only have 2. What seems like a small difference could add up to big savings at tax time.
Property assessments are generally based on market value. If your home was evaluated before housing prices fell, it should be re-assessed based on today's market value. Do some investigating and find out what similar homes in your area have been selling for. They should be in the same school district, have a similar lot size, same number of bedrooms and bathrooms. You will need to demonstrate that these comparable houses have sold for less than the city's assessed value of your home.
If you are over paying, file an appeal with your town. This is something you can do on your own, without spending money on lawyer's fees.Pick up a property tax-reduction kit from the American Homeowners Association or the National Taxpayers Union and it will guide you through the process.
About the Author
WelcomeHomeNevada.com provides a professional guide to Painted Desert Real Estate. For excellent agent services in the Las Vegas area, contact Mark Hostetler, who's eager to help you find a home with the Las Vegas MLS Listings tool.
The government is making it easy for homeowners to save on their taxes this year. Whether you're a first time buyer, or just renovating, there are a number of savings out there.
Save The Environment and Money Too!
Thanks to the $700 billion bailout plan, going Green in 2009 can net you some juicy tax credits. A number of incentives that are especially helpful for people living in older homes, include:
- Credit for 30 percent of the cost of a photovoltaic solar energy system. For a wind energy system a homeowner could receive up to $4,000 or 30 percent of the cost of installation of a home windmill system.
- A $1,500 credit for installing energy efficient windows, doors, water heaters, roofs, insulation, heating, or a central air system in 2009 or 2010.
Sell Your Home and Pocket the Profit
Selling your home at a profit provides a juicy tax break if it was your main residence for at least two of the past five years. Singles don't pay taxes on profits of up to $250,000, and married couples have a $500,000 threshold. If, you owned the home for less than two years you may still qualify for gain exclusion if you sold your home due to job, health or unforeseen circumstances (such as divorce or death). Ensure that you have the necessary documents to back up your claim, such as a doctor's letter.
Your First Home Tax Credit/Loan
First time home buyers are entitled to a $7,500 tax credit if they earn less than $75,000 a year (couples may earn up to $150,000). If a buyer has not owned a home in the past three years, and falls in the eligible income range, they can take a tax credit worth 10% of the home's sale price, up to a maximum of $7,500. This applies to homes that have closed between April 9, 2008 and before July 1, 2009, and can be applied to either the 2008 or 2009 taxes.
The really nice part of this tax perk is that it is a true credit. If you owe $8,500 in taxes, the $7,500 credit comes off the top, leaving an amount owing of only $1,000. In addition, it is refundable, which means if you owe less than $7,500 in taxes, the government will send you a check for the difference.
Now, the clincher. Not only is this a refundable tax credit, but it's also a loan. This means that within two years buyers must begin paying it back at no more than $500 per year for 15 years. If the home is sold during that time, the amount is withdrawn from the profit. If there is no profit, the loan slate will be wiped clean.
Save on Property Taxes
There are a few things a homeowner can do to potentially save on property taxes:
Look for errors - up to half of property assessments are inaccurate. Ensure that your ¾ acre property is not being assessed at 1 3/4 acre, or that you aren't being charged for 4 bathrooms when you only have 2. What seems like a small difference could add up to big savings at tax time.
Property assessments are generally based on market value. If your home was evaluated before housing prices fell, it should be re-assessed based on today's market value. Do some investigating and find out what similar homes in your area have been selling for. They should be in the same school district, have a similar lot size, same number of bedrooms and bathrooms. You will need to demonstrate that these comparable houses have sold for less than the city's assessed value of your home.
If you are over paying, file an appeal with your town. This is something you can do on your own, without spending money on lawyer's fees.Pick up a property tax-reduction kit from the American Homeowners Association or the National Taxpayers Union and it will guide you through the process.
About the Author
WelcomeHomeNevada.com provides a professional guide to Painted Desert Real Estate. For excellent agent services in the Las Vegas area, contact Mark Hostetler, who's eager to help you find a home with the Las Vegas MLS Listings tool.
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