As Property Values Soar In California, So Do the Tax Bills
As Property Values Soar In California, So Do the Tax Bills
When it comes to taxes, sometimes it seems like if it’s not one thing, then it’s another. During the recession, when the housing market was taking a hit due to dropping property values, county tax assessors across the state actually dropped property tax bills in effort to help homeowners. However, now that the state’s economy is improving, the state’s budget analyst believes property taxes could be on their way back up.
Tax Bill Dropped
The good news was that during the recession homeowners saw their property tax bill dip by an average of $1,600, while commercial properties saw an even bigger reduction at $7,500. The bad news is that local government property tax revenues dropped about $7 billion during that time period.
Government Wants Its Cut Again
Now that the economy is on the upswing, local governments want to see that money return. The tax reductions that were enacted during the recession are being rescinded, which means property owners are about to see another hike in their property tax bills. In fact, some homeowners might see an increase of as much as 20 percent.
Keep as Much as You Can
Taxes can seem never ending, which is why it’s always a good idea to get the help of an experienced tax professional who can help you keep the maximum amount of your income as possible. At GROCO, we can help with all of your tax needs.
We hope you found this article about “As Property Values Soar In California, So Do the Tax Bills?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
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See Lynn Thomas’ Recent Interview with Alan Olsen: https://youtu.be/0VFOWFl3wqk Lynn Thomas has been helping clients unlock success, one idea at a time by executing tailored client presentations that deliver extraordinary client experiences. Her firm specializes in creating and implementing plans based on new tax laws and the ever-changing market research. Lynn connects with her clients…
See Dr. Lee Hood’s recent interview with Alan Olsen: https://youtu.be/60DDZ0MJ8QE Dr. Lee M. Hood is best known for his development of technologies which have enabled the advancement of predictive, preventative medicine. Dr Hood’s journey began at a young age, when he was an assistant professor of molecular immunology at California Institute of Technology in 1973.…
See Ali’s recent interview with Alan Olsen on Youtube: https://www.youtube.com/watch?v=MJyKKqTCaBM Ali Nasser is a serial entrepreneur who has been helping business owners for nearly twenty years. He understands the legacy dilemma and financial freedom that many business owners face when it comes to their life experience, which is why he has developed a powerful and…
Transcript Alan Olsen Welcome to American Dreams. I’m here today with Lynn Thomas. Lynn, welcome to today’s show. Lynn Thomas Thank you for having me on. I’m delighted to be here. Alan Olsen So Lynn, for the listeners, you have a remarkable career. I think you started out with Arthur Andersen. Lynn Thomas Yes, I…