Home ownership comes with many benefits, including tax advantages. Here are a few ways that owning a home can save you money. Mortgage Interest Deduction When you take out a loan to buy your house, you get a deed of trust (mortgage), requiring you to make monthly payments to a bank or other lender. Usually, … Read more
In November, California voters approved Proposition 19, the Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020) to take effect April 1, 2021. Presumably, they did so because they believed disadvantaged homeowners should be able to transfer their tax base when they purchase a new primary residence—like those who are disabled, … Read more
Once the kids go off to college and then (hopefully) into the work world, empty nesters typically have more house than they need. The question becomes whether to sell or stay put. Let’s imagine you have a 3500-square-foot house. Now that your five adult children have families of their own, they visit from time to … Read more
When you purchase a property, the Mendocino County Assessor’s Office determines the property’s assessed (or market) value for the purpose of establishing future property taxes. The initial assessment is critical because it establishes the basis for all future payments. Property taxes are calculated on the base year (first year) and cannot increase by more … Read more
No one likes paying property taxes, but if you own a home (or real estate of any sort), property taxes are part of the deal. While many of us pay property taxes, few of us seem to have a good grasp on how those taxes are calculated, where the money goes, and what happens … Read more
When a buyer wants to purchase a property but doesn’t want to pay the whole price in cash, and the seller wants to sell the property but doesn’t need the whole amount in cash, an opportunity exists for both to get what they want through seller financing. The buyer can acquire a property that may … Read more
When it comes to real estate, you can invest in several types of properties. The question is, why would you? Well, because it can pay handsomely. A reader asked, “If I were interested in investing in real estate, where should I start?” Well, there are several different types of real estate investments: single family homes, … Read more