Tax season. Just the words can send shivers down your spine. But if you’re a homeowner, there’s a silver lining: potential savings from home-related tax deductions!
You’ve probably heard that you can deduct the interest you pay on your mortgage, but did you know there are many other ways homeowners can reduce their tax burden?
Continue reading Home-Related Tax DeductionsIf you need more information about your property tax, take a look at the county treasurer’s frequently asked questions.
You can’t avoid paying taxes, and we all need to pay our fair share. However, paying your fair share shouldn’t place an unjust burden on you. As a homeowner, your tax burden is doubled because you pay both income and property taxes. To decrease that burden and boost your tax savings, take advantage of these homeowner tax deductions. As a result, you can use your tax savings to go on a vacation, increase your child’s college fund, build upon your retirement fund, or complete another home improvement project.
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