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Politics
Proposed tax plan
By TIMES STAFF
Published June 12, 2007
WHAT THE PLAN WOULD MEAN FOR HOMEOWNERS WITHOUT THE SAVE OUR HOMES TAX CAP PROTECTION: 3 EXAMPLES Example 1 House's taxable value: $800K Under present law: Home-owner gets $25, 000 exemption and pays taxes on $775, 000. Under proposed law: Homeowner gets 75% exemption on first $200, 000 of value, 15% on the next $300, 000. Result: Pays taxes on $605, 000. Cut in tax bill 22% Example 2 House's taxable value: $400K Under present law: Home-owner gets $25, 000 exemption and pays taxes on $375, 000. Under proposed law: Homeowner gets 75% exemption on first $200, 000 of value plus 15 percent on the next $200, 000. Result: Pays taxes on $220, 000. Cut in tax bill 41% Example 3 House's taxable value: $60K Under present law: Home-owner gets $25, 000 exemption and pays taxes on $35, 000. Under proposed law: Homeowner gets minimum exemption of $50, 000. Result: Pays taxes on $10, 000. Cut in tax bill 71%
[Last modified June 12, 2007, 00:02:56]
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by Jeff
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06/13/07 07:29 AM
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Tom, What gives is they are taking away the Save our Homes cap, which means you would pay taxes on the full taxable value of your home (vs having your annual tax increases capped at 3%). This smoke & mirrors will have us paying more in the long run!
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by Mary
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06/12/07 07:46 PM
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There are a lot of things they conveniently fail to mention. Little wonder when we have the 3 Stooges more interested in their photo ops and their next office than their current jobs.
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by wondering
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06/12/07 01:48 PM
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What they forget to mention is that the Save our Homes Cap (which is the reason you are paying on a lesser amount) will be eliminated. Not everyone benefits from the proposal.
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by JD
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06/12/07 12:09 PM
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Tom, welcome to our nightmare. At least you won't be locked into that home without being able to improve it beyond 50%.
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by Chuck
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06/12/07 11:56 AM
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Please someone tell the folks to just give us a State Income Tax Now.Quite trying to Rob Peter to Pay Paul.
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by Tom
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06/12/07 07:47 AM
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Under my present circumstances my house's taxable value is $500K. Assessed value is $186K which I pay on. The new plan has me paying on $305K, an increase. What gives?
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