This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
California Tax Increase Clause
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Multi-State
Control #:
US-OL19033GA
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Word;
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How to fill out Tax Increase Clause?
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FAQ
Proposition 58 allows the new property owner to avoid property tax increases when acquiring property from their parents. The new owner's taxes are instead calculated on the established Proposition 13 factored base year value, instead of the current market value when the property is acquired.
California Prop 58 Has Been Largely Eliminated by Prop 19 In certain cases, grandparents could also transfer Prop 13 caps to grandchildren. Later modifications even allowed people over 55 to take their Prop 13 caps with them to a new home, under limited circumstances.
Both Proposition 58 and 193 expired on February 15, 2021. Properties transferred after February 15, 2021 will be subject to the more narrow provisions of Proposition 19. Properties transferred prior to February 16 can apply for Proposition 58/193.
Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property's fair market value for tax purposes. If the value of the gift exceeds the annual exclusion limit ($16,000 for 2022) the donor will need to file a gift tax return (via Form 709) to report the transfer.
Change in Ownership such as a purchase. Friends or family transfers that are not to a child's primary residence. Completion of new construction including new buildings or additions. An addition to the home will only add the value of the new construction to the existing assessment.
Proposition 19 allows eligible homeowners to transfer the taxable value of their existing primary residence to a replacement primary residence. The new law, replacing Propositions 60 and 90 on April 1, 2021, gives homeowners more options for moving to a different home for their retirement years.
Transfers into trusts do not trigger reassessment as long as the trustor and deed grantor are the same person. Remodel: Permits for normal repair and routine maintenance such as a new roof, re-plumbing, rewiring or replacing a deck will not cause a reassessment.
Proposed Corporate Tax Changes A group of California Senate Democrats proposed an increase to the California corporate income/franchise tax rate, from a historically flat 8.84%, to 10.99% for corporations with taxable income over $1.5 million.