Los Angeles
In a historic first, legislation by Assemblyman Phillip Chen (R-Brea) and Assemblyman Matthew Harper (R-Huntington Beach) to give relief to homeowners and renters, passed the Assembly Revenue and Taxation Committee. Similar legislation had been attempted in years past but failed to successfully pass the committee.
Assembly Bill 1100, the “American Dream Act”, increases the existing homeowners’ exemption on their property tax from $7,000 to $25,000, giving relief to homeowners, renters and those aspiring to own a home.
“High property taxes are making it impossible for too many Californians, who spent their lifetime living and working here, to stay in California”, said Assemblyman Phillip Chen. “Our bill would provide immediate relief for millions of homeowners with an emphasis on helping those whose taxes far exceed their ability to pay. I would like to thank the Howard Jarvis Taxpayers Association, California Association of Realtors and Orange County Realtors for their support of AB 1100.”
“Homeowners and renters in California are paying some of the highest overall taxes in the nation,” Assemblyman Harper said. “It’s about time that the size of the homeowner’s property tax exemption kept up with the increases in cost of living. Also, I want to thank Orange County Assessor Claude Parrish for working with me to bring this bill forward.”
“The homeowner’s exemption hasn’t been increased in 40 years. Meanwhile, the cost of a median priced house has increased from $21,000 to over $450,000, and represents a home that only 30 percent of Californians can afford to purchase. California has a housing crisis and providing tax relief for homeowners and renters will unquestionably lead to enhanced economic stability,” said David Wolfe, Legislative Director with the Howard Jarvis Taxpayers Association.
The “American Dream” bill will also adjust the renter’s credit by a corresponding amount.
Assemblyman Matthew Harper represents the 74th Assembly District; he is the former Mayor of the City of Huntington Beach. The 74th Assembly District includes the cities of Huntington Beach, Costa Mesa, Newport Beach, Irvine, Laguna Woods & Laguna Beach.
Assemblyman Chen is a small business owner and former educator. He represents California’s 55th Assembly District which includes portions of Los Angeles, Orange, and San Bernardino Counties.
