The California Mills Act
Enacted in 1972, the Mills Act encourages the preservation and maintenance of Qualified Historic Structures by reducing property taxes
Tag Archives: Subdivision
Protecting Property: A Guide to Deed Fraud Prevention and Detection
Deed fraud, often referred to as “property theft” or “title theft,” has emerged as a significant threat to property owners, particularly in urban areas with high real estate values.
Title Holding Corporations: Understanding 501(c)(2) Tax-Exempt Status
A 501(c)(2) organization refers to a type of tax-exempt entity under the Internal Revenue Code (IRC) as a title-holding corporation or trust that is organized for the exclusive purpose of holding title to property
Understanding the Williamson Act: California Property Tax Explained
The California Williamson Act, also known as the California Land Conservation Act of 1965, is a program designed to preserve agricultural and open-space lands by offering landowners tax relief in exchange for a long-term commitment to keep their land in agricultural or related uses.
Creating Prescriptive Easements: A Guide to Property Rights and Usage
California Land Conservation Act of 1965, is a program designed to preserve agricultural and open-space lands by offering landowners tax relief in exchange for a long-term commitment to keep their land
What is a Probate Referee
Probate referees are individuals appointed by the California State Controller as an officer of the court to appraise and determine the value of assets in an estate when someone passes away. This ensures that the assets are properly evaluated for tax purposes and equitable distribution among heirs. Probate referees are impartial and independent professionals with expertise in appraising various types of assets like real estate, stocks, bonds, and personal property. Purpose of a Probate Referee: Ensuring Accurate Asset Valuation The primary duty of a probate referee is to appraise and […]
1031 Exchange Basics – A Comprehensive Guide to Tax-Deferred Property Transactions
Named after Section 1031 exchanges of the Internal Revenue Code (IRC), a 1031 exchange is a tax-deferred transaction that allows an investor to sell a property and reinvest the proceeds in a new property of like-kind without paying capital gains taxes on the sale at the time of the exchange. This provision applies to real estate and certain other types of property held for productive use in a trade or business or for investment. The tax liability is essentially rolled over into the replacement property. It’s important to note that […]
Understanding you Property Tax Bill
California’s secured property tax bill pertains to property taxes levied on real property (land and structures) that are secured by a lien on the property. These taxes are based on the assessed value of the property as determined by the county assessor. Understanding Secured Assessments The secured property tax bill typically includes the: i) General Tax levy, the base property tax rate, usually 1% of the assessed value of the property; ii) Voter-approved debt, additional taxes to repay bonds approved by voters for local projects such as schools, infrastructure, and […]
Exploring the Various Types of Commercial Leases
A commercial lease is a legally binding agreement between a landlord and a “business” tenant for the rental of commercial property. Unlike residential leases, which are typically used for renting homes and apartments, commercial leases are used for renting spaces intended for business purposes, such as churches, offices, retail stores, warehouses, or industrial facilities. Commercial leases can vary widely in terms of complexity and terms, depending on factors such as the type of property, location, market conditions, and negotiating leverage of the parties involved. It’s essential for both landlords and […]
Affordable Housing on Faith and Higher Education Lands Act of 2023
Also known as Senate Bill 4 (SB 4), the Affordable Housing on Faith Lands Act was enacted to facilitate the development of affordable housing on properties owned by religious organizations and higher education institutions. The intent is to streamline the approval process for affordable housing projects on such lands by providing “by-right” approval. Intent: Streamlining Approval for Affordable Housing on Faith and Education Lands A streamlined approval process for affordable housing developments on land owned by religious organizations and higher education institutions. This means that eligible projects meeting certain criteria […]