News: Taxes
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Legislation introduced last week aims to tax property owners for the “privilege” of providing rental homes and create a searchable database of certain rental properties.
Tagged: LegislationTaxes
CAA last week partnered with Santa Clara County Assessor Larry Stone to explain how owners of multifamily properties can get a temporary reduction on their property tax assessments.
Larry Stone
During a webinar, Stone reviewed Proposition 8, which allows for a temporary reduction in assessments. The assessor also discussed the information his office requires from commercial property owners to process tax-reduction applications for the 2021-22 tax bill.
Under Proposition 8, property owners can apply for a temporary reduction in assessed value when a property suffers a “decline in value.” A decline in value is when the market value of a… Read More
Tagged: Taxes Tri-County
Over objections from CAA, the city of Los Angeles is rushing to place a “vacancy tax” measure on the November ballot that could create steep tax penalties for landlords with unoccupied units.
The Los Angeles City Council on Tuesday unanimously directed staff lawyers to draft the proposal, which is being modeled after ordinances in Oakland and Vancouver, Canada. On Tuesday, the council is expected to decide whether to place the measure on the ballot — a move that would cost the city at least $12 million.
Tagged: NewsTaxesVacancy Rates Los Angeles
California tax collectors are expected to waive penalties against landlords and other property owners unable to pay their taxes by Friday’s deadline due to COVID-19 financial hardships.
That announcement came Sunday from the California State Association of Counties and the California Association of County Treasurers and Tax Collectors. In a statement, the groups said that counties will, on a case-by-case basis, cancel penalties and other charges for homeowners, small businesses, and other property owners that are unable to pay their property taxes due to circumstances caused by the pandemic.
The groups, however, urged property owners to pay on time and… Read More
You’re likely familiar with the federal tax reform law
enacted in 2017. After all, it reduced tax rates for businesses and
individuals, increased the standard deduction and family tax credits, and limited
deductions for state and local income taxes and property taxes, among other
things.
However, you may not be familiar with a particular provision of that law, and related IRS guidance, that provides an opportunity specific to rental real estate businesses.
Voters will soon decide whether to increase taxes on improvements to buildings within the Los Angeles Unified School District, including apartments.
On the June 4 ballot is Measure EE, which would levy a parcel tax of 16 cents per square foot of building improvements annually for 12 years. If approved, the measure is expected to raise $500 million per year for L.A. Unified, which is the nation’s second largest school district.
Tagged: ElectionsTaxes Los Angeles
The California Apartment Association has offered its support for a bill that would raise the state’s renter’s tax credit for the first time in decades.
“Housing costs are going through the roof in California, and families are struggling to pay the rent,” said state Sen. Steve Glazer, D-Contra Costa.
Glazer unveiled the bill Wednesday with two principal coauthors — Assemblywomen Lorena Gonzalez, D-San Diego, and Sharon Quirk-Silva, D-Orange County, as well as 28 coauthors.
The legislation, SB 248, would increase California’s renter’s credit for the first time in 40 years and would represent significant help to single parents in particular.… Read More
Tagged: Taxes
A CAA-supported bill that would increase the state tax credit for renters has advanced to the state Assembly.
On May 30, SB 1182 by state Sen. Steve Glazer, D-Orinda, won approval on the Senate floor with 37 yes votes, zero no votes and two abstentions.
The bill would increase the renters’ tax credit incrementally over a five-year span.
“Under current law, homeowners in California receive state and federal tax benefits, as a result of owning their own home,” CAA says in a letter supporting the bill. “Renters, however, do not receive comparable tax benefits. It’s reasonable to provide renters, who… Read More
Tagged: LegislationTaxes
The California Apartment Association is opposing a measure that’s seeking to create one of the largest tax increases in state history.
Assembly Constitutional Amendment 22 proposes to ask voters to approve a 10 percent “surcharge” on California employers. Companies with annual net income of more than $1 million that are subject to corporate income and franchise taxes in California would be required to pay the new tax.
The tax proposal comes from Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, and has met fierce opposition from a large coalition of business groups, including CAA.
Tagged: Taxes
The city of San Jose has given residential landlords more time to register their properties with the city and to pay the related business tax, a move applauded by the California Apartment Association.
The new deadline for residential rental property owners is June 30, 2018. After that date, interest and late fees will apply. Businesses can register with the city here.
Tagged: Taxes Tri-County