SAN DIEGO, Calif. /California Newswire/ — Wes Nichols, president of Paramount Property Tax Appeal Service, is reminding California property owners that property tax relief will be severely limited by changes to the Proposition 58 Parent-to-Child Exemption, as Prop 19 will soon become law.
The Paramount firm is inviting property owners and families looking to lower their property taxes and/or transferring property to heirs, to get a free consultation There are only 3 months left to prepare, evaluate and potentially appeal property taxes – typically reducing property tax bills by 20% to 30%. Residential and commercial property owners are urged to prepare for specific changes to long standing property tax relief in California.
Paramount Property Tax Appeal is inviting California property owners to take advantage of the firm’s unprecedented offer of a free consultation focusing on Property Tax Reduction; Property Appraisal; Real Property Tax Appeal, Business Property Tax Appeal, and Business Personal Property Tax Compliance.
Company president Wes Nichols announced this week: “Families have to get in now to see us so we can complete their paperwork, in terms of locking in their future tax base. With Proposition 19 becoming property tax law, folks only have until Feb. 2021 to complete estate planning, in order to pass down low assessed values to their children. Prop 19 is designed to eliminate the Parent-to-Child Exemption for properties that are not owner-occupied homes within a year. This means homes, apt. buildings and other commercial properties are all assessed at full market value when you transfer title to your children.”
Paramount Property Tax Appeal is one of the few property tax related firms in California that offers unique property tax reduction solutions and proprietary programs to make sure parents can pass down their low assessed value in the future to their children. Even if property is held in an LLC or trust.
Mr. Nichols explains: “This year, Californians face unprecedented tax challenges unlike any year prior; due in part to the COVID shutdown and resulting economic crisis, impacting property values and estate planning. However, families with estate planning needs have only 3 months before the doors for California property tax relief from Proposition 13 and Proposition 58 slam shut – as Proposition 19 becomes law. Thereby dismantling key tax breaks protected by the Parent-to-Child Exemption – avoiding property tax reassessment at current market value.”
“Folks should understand that by engaging us now, you start the process of setting up your tax appeal; to reduce your overall tax burden. Waiting until you’re too close to the appeals deadline can be a recipe for disaster! Bottom line, we truly do enjoy helping people – middle class and working families, not just wealthy folks.”
For the first time since its inception, Paramount is offering a free consultation on trusts, estates, property tax appeals and property tax reduction issues, to all California property owners interested in lowering their property tax bill, as well as transferring real property to their heirs. Property owners can call the firm’s main office at 858.225.1200 with the option to come in and sit down informally with a property tax specialist, and discuss their property tax and/or business personal property tax issues.