Taxes and Property Taxes (Proposition 13, 60, 90, 58, 193 and Proposition 19)

2024-2025 California Property Tax Bills are Out! Check Your Mail or Check Online (The County Will NOT Remind You!!!!)

October 3, 2024
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Attention Newport Beach and Costa Mesa homeowners! The 2024-2025 California property tax bills are out, and it’s time to take action. Don’t wait for a reminder—the County won’t send one! Your first installment is due by December 10, 2024, and the second by April 10, 2025. Missing a payment can lead to hefty penalties, especially with the high property values in our local communities. Stay on top of your property taxes and avoid unnecessary fees. For help navigating your bill or understanding Proposition 19, reach out to Lucas Real Estate—your local property tax experts.

Understanding Supplemental Property Taxes in California

May 10, 2024
devinlucas

At Lucas Real Estate, we pride ourselves on being experts in all aspects of real estate, including property taxation. Understanding how taxes affect your property is crucial for making informed decisions as a homeowner or investor. In this blog, we delve into a common yet often misunderstood topic: supplemental property taxes in California.

Understanding Your Property Tax Bill: Navigating Mello-Roos Fees

May 10, 2024
devinlucas

As residents of vibrant communities like Newport Beach and Costa Mesa, property owners of new construction often encounter additional charges on their tax bills beyond the standard property tax rate. One such fee is the Mello-Roos fee, designed to fund essential public facilities like schools, parks, roads, and libraries. But what exactly are Mello-Roos fees, … Continue Reading

2024 IRS Taxable Gift Exclusion Amount Raised To $13,610,000 Per Person / Reportable Exclusion Raised to $18,000 Per Person

May 2, 2024
devinlucas

For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don’t have to pay estate if their estate is worth $27.22 million or less. For 2023, the threshold was $12.92 million for individuals and $25.84 million for married couples.

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California Property Taxes: Second Installments Due By April 10, 2024

March 19, 2024
devinlucas

the second installment is now around the corner, due by April 10, 2024.

Prop 19 Repeal Efforts Update: HJTA collects over half a million signatures for Repeal the Death Tax initiative, misses November ballot

February 26, 2024
devinlucas

An update on the Prop 19 repeal efforts from The Howard Jarvis Taxpayers Association.

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Key Real Estate Documents To Review Closely During A Sale (And To Keep After)

February 5, 2024
devinlucas

Here, we will breakdown of some of the key purchase documents, disclosures, escrow and title documents that you should pay especially close attention to during the sale or purchase and keep long after for legal and tax purposes.

Capital gains tax rates for 2024

January 24, 2024
devinlucas

This is a simple update on the Capital gains tax rates for 2024, particularly in the sale of real estate.

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Navigating Property Tax Prorations and Post-Closing Bills in California Real Estate Sales (And a Recap On Property Taxes in California)

January 24, 2024
devinlucas

This article will explore the basics of California property taxes, how those are prorated in a sale, and the post-closing “Supplemental Property Tax” bills new owners often receive.

Exclusions From Property Tax Reassessments: Cotenants (aka Co-Tenants)

January 23, 2024
devinlucas

We have written extensively on Proposition 19 and its negative impacts on family property transfers and inheritance, especially in areas such as Newport Beach, coastal Orange County, the Bay Area and many other locations where property values have increased dramatically over the course of ownership especially multigenerational ownership. This article will explore another reassessment exclusion, … Continue Reading

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