Oh the dreaded term, “Mello-Roos”. Like a 4, no 9 letter word. But what does Mello-Roos mean and where did this tax come from? When Proposition 13 passed in 1978, it severely limited the ability of local governments to use property taxes to construct public facilities and services. As a result, Californians were forced to [...]
How Do I Lower My Property Taxes?
Over the last few years we have seen significant reductions in our local home values but have the property tax assessments kept pace? According to the National Taxpayers Union, about 30 percent of properties in the U.S. are assessed at higher values than they are really worth. In light of this, homeowners are very likely [...]
Calculating Taxes: Understanding Gain and Adjusted Basis
Many property owners are familiar with the “Terrible T’s” in real estate: termites, tenants and trash. Often the “Terrible T’s” become so burdensome that investors decide they want out of real estate altogether. At that point however, investors become all too familiar with another “Terrible T” – Taxes! Almost all states require the payment of [...]
Scott
