Rising Home Prices
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Re “A Sky-High Scenario for Local Home Prices,” March 4.
Affordability is not just being able to buy a home but also to keep it. Spiraling property values and consequently rising property taxes are a threat of being eventually taxed out of homeownership.
When retired or on lower income there is no benefit for non-itemizers on their income tax return. Homeowners enjoy a $70 tax break because of a $7,000 tax exemption. On a $218,000 home that means a 3.2% exemption.
In comparison, in Hawaii the home exemption is $40,000. That comes to a $400 tax break, equal to 18.3% tax exemption on a comparable $218,000 home.
Is it not time for California’s home tax exemption to be adjusted to keep up with present-day home prices? It is not about assistance for the poor, already in place. It’s about keeping up in fairness toward homeowners.
By the way, seniors in Hawaii get double the exemption at age 60, and at age 70 the exemption is $100,000. That’s protection!
PETRUS ADIAN WESTEROP
Oxnard
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