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Taxes are due soon and homeowners have advantages Basic reminders for renters, home owners and potential home sellers, as this year s May 17 filing deadline is coming up. Sponsored by Tom and Julia Ranello, Re/MAX Shoreline Share With the federal and state tax deadlines pushed to Monday, May 17, I wanted to highlight a few tax code items associated with real estate and housing. RENTERS: I feel for renters who are looking to buy in this competitive market. Rent paid cannot be deducted from taxes, which is why home ownership is a cornerstone of financial stability. However, if renters have a home office, they may be able to deduct expenses just as a homeowner would. Also, if they meet certain requirements, Maine offers a Property Tax Fairness Credit. Visit maine.gov/revenue to learn more. ....
Proposed Bill Would Delay Controversial Property Tax Law A local state senator is working to delay a recently passed proposition that could cause the taxable value of inherited homes to rise. Sen. Patricia Bates (R-Laguna Niguel) has introduced a bill that would delay the implementation of a portion of Prop. 19 until February 2023. “While Prop. 19 is now law, the measure is silent on some issues regarding implementation,” Bates said in a statement. “A two-year delay will give the state time to clarify how it will implement the ‘Property Tax Fairness for Family Homes’ provision. It will also give families additional time to seek professional advice on how a transfer of property to children will affect potential tax liabilities.” ....
Senator Patricia Bates (R-Laguna Niguel) announced today that she has introduced Senate Bill 668 in partnership with the Howard Jarvis Taxpayers Association to delay the implementation date of a provision of Proposition 19 (2020) from February 16, 2021, to February 16, 2023. The delay would apply to the “Property Tax Fairness for Family Homes” (intergenerational transfer exclusion) provision, providing time for assessors, the Board of Equalization, and the Legislature to clarify ambiguities. The delay would not apply to the base year value transfer provision that will become operative on April 1, 2021. Senator Bates said, “While Prop. 19 is now law, the measure is silent on some issues regarding implementation. A two-year delay will give the state time to clarify how it will implement the ‘Property Tax Fairness for Family Homes’ provision. It will also give families additional time to seek professional advice on how a transfer of property to children will affect ....