Archive for May, 2009
Prop 13 Assessment Triggers
In California, there are primarily two triggers for re-assessment: change in ownership and new construction. A transfer in ownership occurs when a deed or deeds are filed at the county Recorder’s Office, the Recorder’s Office will forward the deeds to the Assessorss Office for assessment purposes. The Office of the Assessor will then review the change in ownership to determine if it is re-assessable. If it isn’tassessable then the process stops there, however if it is an assessable transfer it is forwarded to the appropriate personnel to determine or review a market value and adjust the base value appropriately. A change in ownership that would not be assessable would need to fall within one of the various exemptions allowed by State law such as a transfer into a revocable trust or an inter-spousal transfer which are all explained in our Inherited Property and Exemptions Guide which is part of the California Little Black Book.
Why Should I Be Nice When Dealing With The Assessor
This is a very simple question to answerbecause they are handling your property taxes!
House, Condo, Townhouse, PUD or Co-Op…What Should I Look For?
Before I get into this topic let me define PUD: PUD stands for Planned Unit Development. A PUD is essentially a single family residence and the legal ownership of the home is legally defined that way. The major difference is that a PUD is part of a neighborhood, part of a larger development similar to a condo complex. You will own your residence and still pay an association fee per month to maintain community areas such as parks, pools and sometimes recreation rooms. The association regulates neighborhood improvements so if you want to make major changes to your house or want to paint your house you will need the homeowners’ association’s approval. Since a PUD is basically a single family home that is also part of a larger neighborhood you are liable for your own repairs and maintaining your own homeowners insurance since you own the land and the structure.
Preferred Tax Relief
I owe IRS and I’m an American Citizen. I know I am not alone. I spent a lot of research time online in order to discover something that was going to work for me. At present I am on a reimbursement plan with the IRS for the existence of 2006 and 2007. Due to all the payments, interest and penalties that I have gathered up till now and which keeps coming a lot, makes me really suffocate in debt. I want to share the information that I’ve found because I know that there are many other Americans who have gone through similar situations who may benefit from my experience.
