As part of an ongoing effort to help those who struggle to keep a roof over their heads, the Howard Jarvis Taxpayers Association has filed an initiative that would increase the homeowners exemption and the renters tax credit.This is the first step in qualifying the initiative, the California Homeowners and Renters Tax Relief Act of 2016, for the ballot.The Office of the Attorney General has about 60 days to provide a title and summary so that signature gathering can begin.
Only about one-third of Californians can afford to realize the American dream of owning their own home. The homeowners’ property tax exemption of $7,000 (worth a $70 deduction on your property taxes) has not been increased since 1972 when the median priced home sold for $28,660. Currently, an average home is selling for nearly ten (10) times that amount, and yet the homeowners’ exemption remains unchanged. Increasing the homeowners’ property tax exemption from $7,000 to $32,000 will save every homeowner in California an additional $250 per year. This will help to mitigate the heavy financial burden placed on homeowners from… Read More