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1031 Exchange – Basics

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Named after Section 1031 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 while […]

Understanding you Property Tax Bill

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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. 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 public facilities; […]

Types of Commercial Leases

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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

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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: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 would be entitled to approval without going through the usual discretionary […]

Church Bingo

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In California, organizations, including churches, are generally required to obtain a license to conduct bingo games. To host bingo games legally in California, your church will likely need to apply for a bingo license from the California Department of Justice’s Division of Gambling Control. The specific requirements and procedures for obtaining a license can vary, so it’s important to consult the Division of Gambling Control or legal counsel familiar with California gaming laws for guidance. Attorney General:As per the Attorney General’s Guide for Charties, “Organizations exempt from taxation under Revenue […]

Why Use Bushore Church Real Estate

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By way of an introduction, we are a father-and-son California Real Estate team, having offices in both northern and southern California, working nearly exclusively for and with churches with their real estate needs for over forty (40) years. We focus on nearly all matters concerning Church Real Estate, including religious, nonprofit, and tax-exempt organizations with the highest spiritual and ethical standards. Over decades of carving out a name for ourselves amongst church groups, we found a niche by locating and/or uniting church property buyers, sellers, landlords, and tenants. Along the way, […]

Asbestos

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Asbestos is a naturally occurring mineral that was once widely used in construction materials for its heat resistance and durability. However, prolonged exposure to asbestos fibers can lead to serious health issues, including lung cancer, mesothelioma, and asbestosis. Asbestos is still present in many structures and is still used in some industrial processes and commercially available products. Cal/OSHA:The Department of Industrial Relations’ Division of Occupational Safety and Health is a state agency responsible for ensuring workplace safety and health in California. Its primary mission is to promote and enforce occupational […]

Subdivision Map Act

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Simply put, the California Subdivision Map Act (“SMA”)is a law that regulates the division of land into smaller parcels for the purpose of development. The Act applies to all subdivisions of land in California, whether the parcels are created for residential, commercial, or industrial development. In General:Under the SMA, any proposed subdivision of land must be approved by the local government, usually the city or county, before development can occur. The Act requires developers to prepare a tentative map that shows the proposed layout of the subdivision, including the location […]

California Land Trust

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In California, a land trust refers to a legal arrangement where real estate property is transferred to a trust for management and administration. Land trusts in California are typically established for purposes such as privacy, asset protection, and estate planning. When a property is placed into a land trust, legal title to the property is held by the trustee of the land trust, who manages the property on behalf of the beneficiary. The beneficiary retains all of the benefits of owning the property, such as the right to occupy or […]

The Basics of Church Formation

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Forming a church in California involves more than defining your purpose and beliefs. To so do correctly and legally to avoid potential tax consequences, there are several steps to be taken. Although every situation is different, what follows is a basic approach. Legal Structure:Once you have a clearly articulated purpose and beliefs of your church, whether nondenominational or part of a larger organization, you must determine an operational structure. An Unincorporated Association is generally simple and flexible but offers less liability protection and are generally not eligible for federal tax-exempt […]