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 property tax increases to repay local bonds, and​ provide some relief from excessive utility fee and charge increases.

By increasing the renters tax credit, this act will provide tax relief to renters, who also face severe housing affordability problems.

HJTA will keep taxpayers up to date on progress on the California Homeowners and Renters Tax Relief Act of 2016, and when the initiative title and summary are issued, inform homeowners and renters​ how they can help qualify tax relief for the ballot and pass it into law.

This entry was posted on Tuesday, May 5th, 2015 at 7:07 am and is filed under Blog Posts.