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Saturday, April 26th, 2008 Subscribe To Our Feed

property management
From hewnandhammered.com: California’s Proposition 13 is the bane of public education in the state - and for the most part benefits the richest single segment of the population, relying on the old straw man of “senior homeowners on fixed incomes” (when tax credits for that demographic would be far more equitable in keeping folks in their homes). Kelly Bennett of Voice of San Diego reports:
property management
One of the most heartrending arguments for dramatic changes to the city of San Diego’s historic preservation program is that its tax discounts for homeowners results in an annual revenue loss to the San Diego Unified School District of nearly $1.5 million.
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The school district didn’t lose $1,486,317, as was claimed in the Grand Jury’s report titled “History Hysteria.” The state reimburses the district to make sure it has a particular level of funding for schools, even if property tax revenue drops, according to the state Department of Finance and San Diego Unified School District. San Diego has entered into far more Mills Act contracts, more than 800, than any city in the state. The contracts with homeowners of historically designated homes trade a break in property taxes for a homeowner’s promise to keep the facade up to snuff.
Yes, the children. Granted, I’m not in San Diego, but LA. Benefitting the wealthy?
From the WSJ: Gone are the days of 2005, when an advisory panel appointed by President Bush recommended trimming the home-mortgage interest deduction to pay for lower income-tax rates.
Tax Credits, Tax Breaks
Moreover, Congress is moving toward enacting new tax credits for home buyers, and tax breaks for millions of homeowners who don’t currently benefit from the ability to write off property taxes.
Who is likely to benefit from tax changes in the pipeline? The Senate and the House Ways and Means Committees have each passed packages of tax breaks aimed at easing the housing slump.
Standard Deduction
Both the Senate and House bills would increase the standard deduction for one year to allow those who don’t itemize their taxes to take a deduction for property taxes. Besides the standard-deduction increase, Congress-watchers say some kind of tax credit for home buyers has a good chance of becoming law. The House wants to give first-time home buyers a $7,500 credit. Take the proposed first-time home buyers credit, for instance. Of course, the buyer who takes the tax credit saves $9,500 in interest costs over the long run. “It raises the question: Is it really increasing the ability of the buyer to purchase that home?” says Clint Stretch, managing principal of tax policy for Deloitte Tax LLP.
LAW STUDENTS, be civic minded … but also be tax wise.
“It’s an unsettled area of tax law,” Ms. Jarvis says. Other schools structure their loan-forgiveness programs as a grant.