Occasionally, when a law is passed not everybody is affected in the way the law intended. This is referred to as The Law of Unintended Consequences. When Proposition 13 passed in California in 1978 several significant and financially beneficial changes to the calculation of property taxes were implemented. However, Read More >
Are You Affected by Mello-Roos Taxes?
Odds are if you don’t pay them you don’t know what they are and if you do pay them you don’t know why. Mello-Roos is a “Special Tax” paid by homeowners who purchase a home in a “Community Facilities District” and is paid in addition to the County property taxes. When Proposition 13 passed in California in 1978, local Read More >
What is the Difference Between the Property Tax Rate and An Effective Property Tax Rate?
As a California homeowner, you are responsible for paying property taxes on each and every property you own, but only during the time that you own each property. The amount of your property taxes, as set forth in Proposition 13, is based on the assessed value of each property. For homeowners who purchased property Read More >
An Anniversary ALL California Homeowners Should Celebrate
On June 6, 1978, nearly two-thirds of California’s voters voted yes and passed Proposition 13, reducing property tax rates on homes, businesses, and farms by about 57%. That was almost 38 years ago and California homeowners still benefit from it today, but I’ll bet only a handful of homeowners realize it and fewer Read More >
How Are Loan Discount Points Deducted on Your Tax Return When You Refinance Your Mortgage?
Whether obtaining a mortgage to purchase a house or refinance an existing mortgage, it can be very tempting to pay loan discount points in an effort to secure the lowest interest rate possible. While I don’t often advise paying discount points because it is rarely in the client’s best interest, especially in refinance Read More >
Are Loan Discount Points Tax Deductible When You Buy a House?
It has become commonplace to pay loan discount points when obtaining a mortgage these days in an effort to secure the lowest interest rate possible. While I don’t often advise paying discount points because it is rarely in the client’s best interest, the good news is that if you decide to pay points, any points you pay Read More >