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 The tax reductions that were enacted during the recession are being rescinded, which means property owners are about to see another hike in their property tax bills.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.

To receive our free newsletter, contact us here.

Subscribe our YouTube Channel for more updates.

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

GROCO.com is a proud sponsor of The American Dreams Show.

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.