The new tax law signed at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could impact them specifically. These items may require some planning to maximize the benefits.
Tax Changes for Homeowners
Here are some of the tax changes that will affect most homeowners:
- Reduces the limit on deductible mortgage debt to $750,000 for loans made after 12/14/17. But existing loans of up to $1 million are not subject to the new $750,000 cap.
Continue reading Homeowner Tax Changes
If you need more information about your property tax, take a look at the county treasurer’s frequently asked questions.
According to a survey by the California Association of Realtors, one of the top reasons home owners have not considered selling is a concern that property taxes on another home would be too expensive.
For certain groups of people living in San Diego County and some other counties in California, there is a way to move but not increase property taxes.
California voters have passed several propositions, Propositions 60, 90 and 110, that allow eligible property owners to transfer the base year value of an existing principal residence to a replacement dwelling.
What do these propositions do? Who qualifies, and what are the benefits?
Continue reading How to Move But Not Increase Property Taxes