County Assessors across California believe that the property located in their counties is worth substantially more this year than it was last year. Each Assessor is required to prepare an annual assessment roll consisting of all taxable property in their county. In many counties, roll values increased substantially: San Francisco (↑10.80 percent), San Mateo (↑8.03 … Continue Reading
The following is a summary of the real estate provisions of the Tax Cuts and Jobs Act (TCJA) signed into law by President Trump on Dec. 22, 2017. Individual Rates (Temporary) General tax rate and bracket reductions for individuals (top rate of 37 percent applies to income above $600,000 for joint filers, $500,000 for single … Continue Reading
Many U.S. taxpayers are trying to prepay their 2018 real property taxes by Dec. 31 in order to avoid the $10,000 cap on deductibility of state and local taxes that will go into effect for the 2018 tax year under the new tax law signed by President Trump last week. The IRS said in a … Continue Reading
