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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%