Senate Joint Resolution 13 provides massive, permanent property tax relief for all real property owners by providing a "freeze" on property tax assessments until you buy a new one. It is similar, but not identical, to Proposition 13 passed in California 26 years ago which still enjoys 65% approval by voters.
There is no other place in the Internal Revenue Service Tax Code where capital gains are taxed before an asset is sold. When stocks that you own increase in value, you do not pay tax until you sell. When a business that you own increases in value, you do not pay tax until you sell.
However, when your home appreciates or increases in assessed value, you pay a higher property tax every year, even though you haven't sold it and may not ever intend to sell it. You have neither "realized" the property gain nor do people typically have the money to pay skyrocketing property taxes, leading to the complaint, "You're taxing me out of my own home!"
As homeowners, why do we allow the government to tax us on property capital gains on our homes that we may never receive? SJR13 will go a long way in providing massive, permanent property tax relief and allow many to stay in their homes, neighborhoods, and schools until they choose to "realize" their home investment gain.
To voice your support or receive more information, please call 630.264.2419 or email campaign@lauzen.com.
