Palo Alto Prop 13 Property Tax Relief

Protect Your Investment with a California Estate Tax Attorney

Whether you are a homeowner, investor, or business owner, you have likely noticed that property taxes in California have increased significantly over the past decade. Since the recession of 2008, California property taxes have increased by over 50%, and the trend does not seem to be slowing down. Although property taxes are a necessary part of life, it is important to know that you have options for tax relief.

At Gilfix & La Poll Associates, we believe that every property owner in California should have the right to protect their investments from unfair tax increases. Our team of experienced tax attorneys has helped countless property owners fight back against unfair tax increases, and we can help you too.

Call us today at 650.683.9200 or contact us online to learn more about how our Palo Alto Proposition 13 lawyers can protect your investments.

What Is Proposition 13?

Proposition 13 is a California law that was passed in 1978. It limits the amount that property taxes can increase annually. This means that if your property value goes up, the amount of property tax you have to pay will not go up by as much.

However, Proposition 13 also limits the amount of property tax that a government agency can collect. If your property value goes up, the local government can collect more property tax from you. This makes it difficult for property owners to protect their investments from unfair tax increases, especially if their property value increases dramatically.

If you believe that your property taxes are unfair, you have options for relief. At Gilfix & La Poll Associates, we have helped countless property owners fight back against unfair tax increases and we can help you too. 

Proposition 13 vs Proposition 19

Proposition 13 and Proposition 19 are California ballot measures that impact property taxes. Proposition 13, passed in 1978, limits tax increases and ensures stable assessments for homeowners. Proposition 19, passed in 2020, focuses on property tax transfers and inheritance, allowing certain homeowners to transfer tax basis. Both propositions have implications for property owners. Seek advice from a real estate attorney or tax professional for informed decision-making.

Call us today at 650.683.9200 or contact us online to learn more about how our property tax lawyers near you can protect your investments.

How Are Property Taxes Calculated in California?

Property taxes in California are calculated in two different ways. The first is the assessed value of the property. This is the estimated value of the property that is used to calculate property taxes. The other is the proposed or rolled value of the property. This is the estimated value of the property that is used to calculate property taxes. The difference between the two is called the rollback rate. The rollback rate is the difference between the assessed value and the proposed value and is the amount of the increase in property taxes.

For example, if the assessed value of a property is $200,000 and the proposed value is $300,000, the rollback rate is $100,000. This means that the property owner would see an increase in their property taxes of $100,000. However, if the rollback rate is 25%, this means that the property owner would only see an increase in their property taxes of $75,000. This means that the property owner would see a decrease in their property taxes if the rollback rate is higher. However, if the rollback rate is lower, the property owner would see an increase in their property taxes. Make sure that you know the difference between the assessed value, the proposed value, and the rollback rate to know if your property taxes are fair.

How Can a Tax Attorney Help Me?

An estate tax attorney can help with Proposition 13 by providing guidance on estate planning strategies to minimize estate taxes while taking into account the implications of Prop 13. They can advise on strategies such as establishing trusts, gifting assets, or utilizing exemptions and exclusions to reduce the potential tax burden. Additionally, they can assist in understanding the eligibility requirements and application process for Proposition 13 property tax benefits, ensuring compliance and maximizing tax savings for qualifying estates.

If you are curious about Prop 13, contact us online or call (650) 683-9200 today to speak with a Proposition 13 lawyer near you.