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Old 01-09-2012, 01:38 PM
 
11,715 posts, read 40,438,984 times
Reputation: 7586

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If you have been, you're taxes are going up.


As many as 5 million California property-tax payers who have been taking the entire amount they pay off their state income taxes could see a major cut in their deductions when they file next year.

Beginning with the 2012 tax bill (the one due in April 2013), the state Franchise Tax Board will require property owners to break down their property taxes into deductible and non-deductible portions.

That means property owners who have been deducting their Mello-Roos fees — often running into thousands of dollars — will no longer be able to deduct those or any other special assessments like vector control or mosquito abatement.

State targets property-tax payers - Handling Hard Times : The Orange County Register
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Old 01-09-2012, 07:50 PM
 
3,882 posts, read 4,533,112 times
Reputation: 5144
Quote:
Originally Posted by EscapeCalifornia View Post
If you have been, you're taxes are going up.


As many as 5 million California property-tax payers who have been taking the entire amount they pay off their state income taxes could see a major cut in their deductions when they file next year.

Beginning with the 2012 tax bill (the one due in April 2013), the state Franchise Tax Board will require property owners to break down their property taxes into deductible and non-deductible portions.

That means property owners who have been deducting their Mello-Roos fees — often running into thousands of dollars — will no longer be able to deduct those or any other special assessments like vector control or mosquito abatement.

State targets property-tax payers - Handling Hard Times : The Orange County Register
Ug! Another reason to Escape California!
BTW, did you escape yet... planning to... where'd you go or heading to if I may ask?
Cheers!
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Old 01-09-2012, 08:11 PM
 
11,715 posts, read 40,438,984 times
Reputation: 7586
Quote:
Originally Posted by Podo944 View Post
Ug! Another reason to Escape California!
BTW, did you escape yet... planning to... where'd you go or heading to if I may ask?
Cheers!
We had a baby last year so things have been on hold.
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Old 01-10-2012, 12:15 AM
 
3,882 posts, read 4,533,112 times
Reputation: 5144
Quote:
Originally Posted by EscapeCalifornia View Post
We had a baby last year so things have been on hold.
Congratulations on that!
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