Welcome to property taxes Guide
Arkansas Property Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
California Property Taxes – What You Need to Know
from:California property taxes, like those in many other states, do not fund the budget of the state of California. Rather, California property taxes are assessed at the local government levels, and all the money collected is used for funding local governments. Fifty three percent of the money collected in California property taxes is used to fund schools. Another eighteen percent is used for county governments, eleven percent goes to city governments and the rest funds special districts.
California property taxes are some of the lowest in the country, ranging from 3.61% per $1000 in assessed value to 6.48% per $1000 of assessed value. Property values are assessed by the county assessor, a locally elected official. Once property values are determined, the taxes are assessed to each home based on the value determined by the tax assessor. California law states that property taxes be no more than 1% of the assessed value of the home plus the following:
1) the amount necessary to make annual payments due on general obligation bonds or other indebtedness incurred prior to July 1, 1978
2) any bond indebtedness for the acquisition or improvement of real property approved by a two-thirds majority of voters after July 1, 1978
3) certain bond indebtedness for school facilities approved by 55% of voters
The law allows for certain exemptions from California property taxes. A homeowner’s exemption is available to all homeowners on their primary residence. The homeowner’s exemption reduces your home’s taxable value by $7000. To get your homeowner’s exemption, you simply make a one time filing with the tax assessor’s office. The homeowner’s exemption only applies on your primary residence; you must reside in the home to qualify.
Disabled veterans also receive an exemption in California. According to California law, a disabled veteran is eligible to receive a basic exemption of $100,000 on the principal place of residence if he or she has specified disabilities. This exemption also applies to the surviving spouse of a disabled veteran, provided that spouse has not remarried. The exemption is raised to $150,000 if the veteran’s income is $40,000 or less per year. Amounts of the exemption and of the income limits are adjusted annually for inflation.
Farmers are also eligible to receive tax exemptions on property used for growing crops. Grapevines are exempt for the first three years after planting and orchards are exempt for the first four years after planting. Standing timber is exempt, but is taxed when harvested.
If you live in California and are the victim of a natural disaster, you will also gain relief from property taxes. Check with your local taxing agency to determine how this will affect you.
Arkansas Property Taxes News
Sen. McCaskill paid condo property taxes late
U.S. Sen. Claire McCaskill paid several hundred dollars of interest and penalties for late property taxes on a Washington, D.C., condominium.
Read more...State cancels MPH tax sale , taxes to be recovered in bankruptcy
The sale of the Medical Park Hospital campus for back taxes has been suspended by the state in favor of a bankruptcy filing brought last week by IASIS/Wadley Regional Medical Center, in Texarkana, as the primary secured creditor of the hospital.
Read more...PB to vote on taxes to aid pension funds
Pine Bluff residents will decide Tuesday whether they want to help shore up the city’s cash strapped police and fire pension funds by increasing their property taxes 0.4 mills — 0.2 mills for each fund.
Read more...Editorial: Will Creek Nation be good partner for Jenks?
Jenks officials hope that the Creeks, who recently purchased the RiverWalk Crossing out of bankruptcy, will turn out to be a good community partner. Here's the alternative: An expensive property, in a prime location, languishes, remaining mostly vacant and generating scant property or sales-tax revenues.
Read more...Woman who tossed $1M lotto ticket wants money
An Arkansas woman who threw away a winning lottery ticket worth $1 million filed paperwork Monday arguing that another woman who plucked the ticket out of the trash should turn the prize money over to ...
Read more...