California is strengthening protections for tenants. I discuss. It’s already a disadvantageous state for real estate investors.
My Property Manager had my tenant’s $1,550 rent payment stolen from his drop box last year. He expects me to take the loss. I won’t. Who is liable for the payment - the thief, bank, tenant, manager, or the investor (me)?
Tom Wheelwright, CEO of WealthAbility, joins me. We discuss the role of property tax in funding essential services.
The conversation touches on the regressive nature of property tax, alternatives to it, and the importance of understanding tax strategies.
US taxes of all types keep ratcheting higher over time. But they’re still lower than most world nations.
The episode also considers the impact of elections on tax policies, emphasizing the need for informed voting regarding taxation.
You need a tax professional that knows how to find you all the deductions for real estate investors here: GetRichEducation.com/Tax
Timestamps:
Landlord-Tenant Relationships (00:00:00)
Discussion on landlord-tenant relationships, stolen rent payment, and potential elimination of property tax.
New Renter Protections in California (00:02:30)
Overview of new laws in California regarding upfront deposit amounts, eviction protections, and banning of crime-free housing policies.
Options for Homeowners in California (00:03:50)
Details about new housing laws in California, including more options for accessory dwelling units and their impact on the housing crisis.
Stolen Rent Payment Dilemma (00:05:53)
Narrative about a stolen rent payment, liability concerns, and the property manager's proposed resolution.
Feasibility of Eliminating Property Tax (00:13:45)
Discussion on the possibility of abolishing property tax and its funding of schools, fire departments, and police services.
Property Tax Funding (00:18:37)
Insights into the funding of property tax and its allocation to schools, fire departments, and police services.
Property Tax and Its Impact (00:19:37)
Discussion on the challenges and implications of property tax as a wealth tax and its regressive nature.
National Property Tax Rates (00:20:40)
Exploration of the national average property tax rate and its impact on property value and inflation.
Proposition 13 in California (00:21:34)
Analysis of the impact and benefits of Proposition 13 in California, which limits property tax increases for homeowners staying in the same home.
Alternatives to Property Tax (00:23:27)
Exploration of alternative taxation methods, such as transaction tax and the potential elimination of property tax in favor of a transaction tax.
Primary Residence Capital Gains Tax Exemption (00:25:16)
Insights into the primary residence capital gains tax exemption and its impact on homeowners, including the need for
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