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Assessor La encourages Alameda County homeowners to apply for the Homeowners’ Property Tax Exemption that can save owners of residential property $70 off their property tax bill each year.
This is how it works: Once a homeowner submits an application and qualifies for the exemption, the property’s assessed value is reduced by $7,000, thereby lowering the property tax bill by approximately $70 each year. There is no need to re-apply, which means the savings will continue until a change of ownership or re-assessment occurs. To qualify for the exemption, the home must be the owner’s principal place of residence on January 1.
Who would not want to save $70 per year in property taxes? An annual savings of $70 can buy 26 cups of coffee, 25 gallons of gasoline, dinner and a movie, or 2 gallons of paint to brighten the look of a home.
Please contact our Office for more information on how to file for this exemption. You can contact us by phone at (510) 272-3787 or by email at AssessorWebResponse@acgov.org.
Let’s get real about this, shall we? Every single American state should have Proposition 58 (property transfer from parent to child) or Proposition 193 (property transfer from grandparent to grandchild), as well as a nice low yearly ability to avoid property tax reassessment, with a tax break like California Proposition 13. This type of tax relief relieves people from the constant chronic yearly stress derived from property tax that are unfairly high – making life more secure and more affordable, for middle class and even upper middle class people. Rich folks we don’t really need to bring into this conversation… they’ll be fine either way. This type of tax relief allows beneficiaries to keep parents property taxes, and of course gives them the ability to transfer parents property taxes when inheriting property; avoiding property tax reassessment, keeping their tax base low through CA Proposition 13. And what is truly amazing to many of us is the subsequent ability for a beneficiary in California to use Proposition 58 at that point to keep property taxes lower form that point on… and to get a special loan providing cash to co-beneficiaries through an irrevocable trust, for middle class beneficiaries who want to smooth out cash obstacles (often referred to as “equalizing liquidation”) when it comes to conflicts between siblings who want to sell property versus family members who prefer to keep inherited real property. All states should be heading towards tax breaks for regular middle class people, and not wasting the country’s time with absurd tax law benefiting wealthy corporations, billionaires and multi-millionaires, with huge tax cuts they do not really need; or corporate welfare for immense companies that would be just fine without it. In fact, all states need a Proposition 13 and Proposition 58, to help middle class families. That’s why folks in every state who are expecting real property, or are leaving real property to beneficiaries, should research https://www.boe.ca.gov/proptaxes/proptax.htm – to get more familiar with Proposition 58. They should study Websites like https://propertytaxtransfertrusts.com and other Websites that cover California Proposition 13, 58 and 193, as well as how trust loans can help beneficiaries. To learn more about how to keep parents property taxes and how to transfer parents property taxes, inheriting property taxes, or property tax transfer, parent to child transfer and parent to child exclusion – on sites like https://cloanc.com/category/prop-58 to get their facts straight on the transfer of property between siblings, how to buy out siblings share of a house; what makes sibling to sibling property transfer work; and how loans to irrevocable trusts help co-beneficiaries get cash while avoiding selling their share of inherited property. Then, folks in all states can tell their congressmen and women to pass property tax law for middle class home owners, not just wealthy folks. When did it get to this point in this country, that the only way you can have a genuinely comfortable life… is if you’re fabulously wealthy!