property tax - Linkenheimer LLP CPAs & Advisors

California Tax Updates for 11/17

Update 1:

The rules for property tax appeals in California have changed. Effective June 21, 2021, four rules for tax appeals in CA changed, involving: petitions for redetermination; innocent spouse relief; rules for rescheduling or postponing appeals; and filing documents. These rules are classified as Rule 100 changes, which means they have no regulatory effect. The rule changes were made because the CA State Board of Equalization’s Board Proceedings Division has physically moved to a new location. The mailing address hasn’t changed. The appropriate email address for appeals-related communication is appealsscheduling@boe.ca.gov or fax to: (916) 324-3984. Here’s more: https://bit.ly/3kp5PHj

Update 2:

The passage of California Assembly Bill 150 in July 2021 brought many changes effective for taxable years beginning in 2021 (but before 2026). One is the Small Business Relief Act, which allows qualified pass-through entities (PTEs) to annually pay an elective tax of 9.3% of the pro rata […]

By Linkenheimer LLP|2021-11-17T16:56:24+00:00November 17th, 2021|business, property tax|0 Comments

California Tax Updates for 9/23

Update 1:

All California taxpayers who have an active Power of Attorney (POA) will soon be getting a letter from the state Franchise Tax Board (FTB). The letter provides a list of the taxpayer’s active POAs with the FTB and the representative relationship on the taxpayer’s account. The new form is intended to keep taxpayers informed of their POA relationships, the level of access the POAs have (limited or full) and the expiration date of the declaration. The form should not be used to revoke a POA. Contact us with questions.

Update 2:

Property owners in California can apply for property tax deferment for the 2021-2022 tax year. The CA Property Tax Postponement (PTP) Program is administered by the Controller’s Office. It allows qualified homeowners to postpone the property tax on their primary residence. Applicants must be seniors, blind, or have a disability and meet certain income and equity requirements. Funding for the PTP Program is limited, so applications will be processed in […]

By Linkenheimer LLP|2021-09-23T17:05:34+00:00September 23rd, 2021|CA tax, california, ftb, property tax|0 Comments

Californians Approve Prop. 19; Ending Major Property Tax Exemption

Californians narrowly passed Proposition 19 earlier this month with a 2% margin, essentially ending your ability to transfer real estate to your children free of property tax reassessment. The proposition has two fairly distinct parts. The first allows homeowners who are 55 or older or those who lost their home in a natural disaster to transfer their tax assessment to a new home. The tax value of the new home will be added to the current tax assessment if the new home is more expensive, a transfer like this can be done three times and homeowners have two years to sell their current home and buy a new one.

The second part of Proposition 19 removes the ability for a parent to pass a home to a child or grandchild without reassessing the home value, unless it’s the child’s or grandchild’s primary residence. If the child or grandchild doesn’t live in the inherited home and instead chooses to rent it out, the tax value can be reassessed. Previously, a home could be transferred to family members and […]

By Linkenheimer LLP|2020-11-20T00:20:46+00:00November 20th, 2020|property tax|0 Comments

Penalties For Late Property Tax Payments In California Will Be Waived

Due to the coronavirus (COVID-19) pandemic, penalties and other charges for late property tax payments in California will be waived. The CA Association of County Treasurers and Tax Collectors (CACTTC) has issued a statement regarding the April 10 tax collection deadline for the second installment of property tax for the 2019-2020 fiscal year. While the CACTTC cannot change the deadline, it can provide relief from the penalties, cost or other charges resulting from tax delinquency due to reasonable cause related to the crisis. The statement also encourages taxpayers to pay electronically. If you have questions, please reach out to your Linkenheimer CPA for help. See answers to frequently asked questions from the CACTTC here: https://bit.ly/3aysXvT

By Linkenheimer LLP|2020-09-03T20:03:09+00:00April 8th, 2020|property tax|0 Comments

California Announces the Property Tax Postponement (PTP) Program

The California State Controller has announced it is taking applications from certain homeowners for property tax deferments. It’s called the Property Tax Postponement (PTP) Program. For the 2019-2020 tax year, homeowners who are seniors or blind, or have a disability, and who meet income, equity and other requirements, can postpone payment of property taxes on their primary residence. Manufactured homes are now also eligible. Funding is limited, and applications will be processed in the order received, beginning Oct. 1. Participants must reapply each year and prove they are still eligible. If you have questions, please contact your Linkenheimer CPA. For details of this new program, call (800) 952-5661 or visit the Controller’s website: https://bit.ly/2mrYGLp

By Linkenheimer LLP|2020-09-03T20:03:36+00:00October 2nd, 2019|property tax|0 Comments