Ventura County Homeowner’s Exemption

by Teryn on April 14, 2014

view of condos

If you own and occupy your home as your principal place of residence, you are eligible for a Homeowners’ Exemption, which reduces your property tax by about $70 annually. You will be sent an application about three to four months after your deed is recorded.

From time to time homeowners may receive solicitations from private businesses and individuals offering property tax assistance or services for a fee. While property owners are certainly at liberty to use these private companies, you can apply for most of these services themselves at absolutely no cost simply by writing a letter or otherwise contacting the Assessor’s Office.

The Assessor’s office provides most services without a fee. Some examples are requests for Homeowner’s Exemptions and Decline in Value (R&T Sec. 51) Reviews. Click here for more information about this subject. If you have additional questions, please contact the Assessor’s office directly at (805) 654-2181.

The Assessor’s Office of Ventura County is committed to providing the best service possible to the property owners of Ventura County.

Let me know if you have questions about this or any other real estate related need!

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2014 Tax Planning Tips

by Teryn on April 1, 2014

 

So confusing! So confusing!

IRS Tax Filing Deadline is right around the corner – Tuesday, April 15th, 2014! Here are a few quick tips to help you get the filling process started!

  1. Get ready to wait early in the year. Due to the federal government shut down last October, the IRS says Jan. 31, 2014 is the earliest it will be ready to process individual tax returns, possibly Feb. 4, 2014 in order for the agency to complete system updates and tests, which were interrupted by the shutdown.
  2. Get ready to wait later in the year. Every year or so, some temporary tax provisions are renewed by Congress. In recent years, lawmakers have let the laws expire and then renewed them retroactively. Expect a replay in 2014. 55 tax provisions expire on Dec. 31, 2013. This doesn’t affect your 2013 tax return, but tax planning for 2014 will be a different story.
  3. Watch for added taxes if you’re wealthy. In addition to paying a top ordinary tax rate of 39.6% if, as a single filer, your taxable income is more than $400,000 ($450,000 for married couples filing jointly), you could face added taxes.
  4. Sign up for medical insurance. If you don’t buy an insurance plan, you could face a penalty. The charge for 2014 is either 1% of your yearly household income or $95 per uninsured adult and $47.50 per child, up to $285 for a family. You pay whichever amount is higher when you file your 2014 tax return in 2015.
  5. File jointly if you’re a same-sex married couple. Married same-sex couples now have the same federal tax filing responsibilities as heterosexual couples. The IRS has instructed same-sex couples to file jointly or as a married couple filing separately even if the state where they live does not recognize their marriage.
  6. Claim the simplified home office deduction. The IRs is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet.
  7. Keep an eye on IRS troubles. The IRS is proposing new regulations for groups seeking 501(c)(4) nonprofit status. The IRS is proposing limits on social welfare groups spending on political campaign-related activities.
  8. Pay attention to tax preparer regulation. The IRS effort to regulate professional tax preparers will continue in 2014. A final decision on tax preparer standards could come in 2014, affecting taxpayers seeking professional help in fulfilling their tax responsibilities.
  9. Watch out for tax reform. The last overhaul of the federal tax code was in 1986. Rep. Dave Camp, R-Mich., and Sen. Max Baucus, are insistent that there be some tax reform before they leave the chairmanships of, respectively, the House Ways and Means and Senate Finance committees.
  10. Take advantage of inflation tax adjustments. Inflation had a nominal effect on around 40 tax provisions for 2014. Income brackets were widened a tad. Most people claim the standard deduction, and those amounts for each filing status in 2014 were increase slightly, as was the personal exemption amount.

 

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5 More Tips on a Smooth Close!

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New Law Regarding Shared Fences and Boundaries

January 22, 2014

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New Law on Smoke Detector Requirements

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New Law to Correct Water-Conserving Plumbing Fixture Requirement

January 9, 2014

Here’s a new law passed by the California Legislature that may impact you as a homeowner, home seller or home buyer. Correction to Water-Conserving Plumbing Fixture Requirements Existing law that erroneously requires, starting January 1, 2014, the replacement of noncompliant plumbing fixtures in a “commercial residential real property” when making certain building alterations has been [...]

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Just Sold! Gorgeous Mid-Town Charmer

January 6, 2014

Welcome to the neighborhood! My clients purchased this really sweet home in mid-town Ventura. Highlights include a bonus room addition, a large workshop in the garage, and beautiful interior updates. After numerous attempts on other homes, it took eight months to get here and with great joy the first-time home buyers are beyond happy! If [...]

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