Sf Tax Proposals

TO:

Marisa Lagos – SF Chronicle Writer

Supervisor John Avalos

David Chiu – Board President

Chamber of Commerce President Steve Falk

Supervisor Sean Elsbernd

Subject: S.F. looking at tax proposals for ballot article by SF Chronicle Writer Marisa Lagos

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/10/BAK6183QK2.DTL

Parcel tax, vehicle fee are among proposals. ‘Parcel tax and sales tax would eventually expire’. This means they are not a structural long-term increase in revenue.

Does it make sense to analyze capital gain of 15% Federal and 9.3% state when selling homes that have appreciated more than the current $250,000 per person exemption? Despite the very severe downturn in the home real estate market, there are 3 million homes in the state owned by people over 60. How many have appreciated more than the $250,000 exemption established in 1998 is unknown.

Check out our Aug. 30th, 2008 piece originally published in the Mercury News which is attached. Our blog is https://jameshall.wordpress.com/. Capital gain over 24% is definitely locking seniors in their homes that pay low property taxes that could be replaced by a current taxpayer.

We have submitted proposed legislation through senior Senator Anne Mack. Hopefully, one federal and state legislator will pick up on it. http://www.4csl.org/

Regards,

Jim Hall

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2 Responses to Sf Tax Proposals

  1. Diana Lynn says:

    Regarding seniors relocating without reevaluations:

    I’ve been working with Rep Wesley Chesbro’s staff to introduce a bill which would raise the age to 62, but require all counties to accept incoming seniors from CONTIGUOUS counties, thereby allowing seniors to move ‘closer to town’ when town is over the county line. It is easy to argue access to services. I did not receive much encouragement from AARP, but did from the Senior Legislature, and I believe Rep. Chesbro is potentially interested in this.

    Also encouraged to read this argument in favor of allowing in seniors without g reevaluations: “Senior citizens who move to Contra Costa County could get a property tax break worth tens of thousands of dollars under a proposal county supervisors will consider Tuesday.

    County Assessor Gus Kramer is pitching the plan, saying it could boost a soft real estate market with minimal harm to government budgets.

    The tax savings is permitted by a state law that allows counties to decide whether incoming homeowners 55 and older can keep their old property tax assessments when they buy less expensive homes. The goal is to let seniors downsize into smaller homes without having huge tax bills.

    Im not doing this for anyone outside Contra Costa County, Kramer said. Im doing it for people who live …”

    Another interesting argument, yes?

    Would you please contact me. Thank you, Diana

  2. James says:

    Diana:

    It’s nice to know there are other people interested in a tax stimulus and mobility of seniors. We are working with a Senior Senator and Assemblyman Coto – 23rd district that has proposed state and federal legislation to eliminate capital gains for seniors (Age 65) and allow them to move anywhere in California without an increase in property tax, as long as they move to a home of less value.

    Check out the blog https://jameshall.wordpress.com/ to review the proposed legislation. If you provide us your email, we can send you some more data. Thanks for making the effort.

    James Hall

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