
HOMEOWNERS WE HEAR YOUR VOICES, AND TAX RELIEF IS ON ITS WAY
By: Assemblyman Phillip Chen (R-Brea) and Assemblyman Matthew Harper (R-Huntington Beach)
California is in a housing crisis. Simply put, the prices of homes are very high compared to individual salaries.
The current homeowner’s exemption in California is $7,000. This is taken off the value of a homeowner’s primary residence, amounting to $70 annually off your property tax bill, or one percent.
The homeowner’s exemption hasn’t been increased in 40 years. The last time the exemption changed was in 1974, Ronald Reagan was still Governor of California, Mohammed Ali had just knocked out George Foreman to regain the Heavyweight Boxing title, Apple Computer and Microsoft had yet to be founded, and the median home price in the Golden State was $21,000.
A lot has changed since then. … Read More