Many Californians Unaware Of Gay Tax Break Assessor Says

[davidinalameda]

http://www.365gay.com/Newscon05/12/122705calTax.htm

Many California gays are unaware of tax breaks in the changes to the state's domestic partner law that go into effect January 1.

In the heart of Silicone Valley, Santa Clara is one of the wealthiest areas of the country with some of the nation's most highly educated people. But County Assessor Larry Stone says same-sex couples often don't realize that the property tax benefits the law provides.

Stone this week began mailing out the property details under the law to 2000 domestic partners registered in Santa Clara County.

He also has updated the Assessor's Web site where same-sex couples can get detailed information.


this is very important--I used to work for my firm's estate planning practice and I prepared deeds and all the accompaning paperwork

the transfer tax imposed by some governmental bodies is incredibly high and transfers among straigh married couples is exempt from the tax

gay couples are now exempt--this is such a huge step forward

[closeupready]

1. How much is a typical transfer tax?

Just curious what we are talking about in terms of dollars. thanks.

[davidinalameda]

2. from my experience

it's close to a dollar per $1000 of price of the property

for a million dollar property, it might be around $1000

but that does vary from county to county and my home county allows for cities to impose their own transfer tax on top of that

Berkeley charges $15 per $1000 so the tax cost could be close to $16000 for a million dollar property

[closeupready]

3. Thanks!

:hi:

[davidinalameda]

4. you're welcome