AB 1335 – Huge Tax Increase for unsuspecting Californians
When reading through the hundreds of bills introduced into the California legislature, the word “neverendum” comes to mind: – a series of referendums on the same issue held in an attempt to achieve an unpopular result. AB 1335 (Atkins) is basically just that – a re-introduction of SB 391 (DeSaulnier), which failed to make it off of the assembly floor last year. County Recorders manage and protect the integrity of land records for the public. The basic cost to record a document ranges from $6 to $10 depending on where you live in the state. This bill would place a $75 tax on this service, increasing the basic recording fee to anywhere between $81 and $85 per document; amounting to a tax increase of up to 1,250%.
The intent of AB 1335 is to fund a state-run affordable housing program for Californians. Yet, this bill would impose an additional tax burden on those vulnerable homeowners that are already struggling to pay their mortgages. This is because families experiencing financial difficulties only have two options when it comes to the inability to pay their mortgage – refinance or default on the loan. Both the typical refinance and the process… Read More