How about a better tax credit to make purchases more affordable for small investors.
Property taxes are getting to high. I will consider selling my property if they continue to increase. I would also consider adding a "mother in law" to my property if it were allowed. I am renting for below market at this time. I could raise the rent but that won't help the situation. I agree the county needs to do something.
waive the county tax on rentals
None of these incentives would entice me to rent to others since, for the most part, renters do not care for your property and you would end up with greater repair expense than income received. In addition, Placer County would charge a tourism tax on income received.
Tough call because many owners are income driven and like to have the flexibility to use their place once in a while during that season. Perhaps the management idea might help - trying to think of any county incentive that might help (tax break?)
We use our home every season of the year and have a property manager who rents it out with a 3 night min. There would be no reason to own our Tahoe home if we could not experience Tahoe in every season and whenever we may choose. Having a property manager and periodic guests helps to make sure someone is watching the property when we are not there. Our guests are screened by our PM to avoid renting to party groups and we find that our guests respect our home and neighbors. We pay about $3k/year in TOT tax and $10k in property tax while we put no impact on schools and less impact on the utility systems and roads than many full time residents. We fully support this suggestion of a voluntary approach to optimizing housing availability, but we strongly oppose punitive measures that pit full time residents against part time residents. It should also be considered that long term full time residents are likely paying less property tax while having more impact on schools & infrastructure.
I would gladly rent our property if I could get a property tax deduction.
Please make resort owners including Northstar, Squaw Valley, Ritz Carlton and other hotel/motel developers and owners provide housing for service workers. Also, tell Sup. Montgomery to use some of TOT money for housing instead of lining pockets of Resort Assn. Existing setup is a joke! Subsidizing marketing budgets with property tax revenue from absentee landowners who use little or no services provides Placer County fat revenue streams, stop using it outside the Tahoe basin.
We plan to retire in this home someday. The property taxes are killing us. A significant property tax incentive would be enticing for us. Something that is not “significant” probably would not outweigh the property damage that will likely result from renting the house out. Free property management would be very important.
I am probably not going to rent anymore,,,,,,the cost of rental management, utilities and now the short term county tax make this not worth the wear and tear.
I also like the idea of a property tax discount for participating owners.
After working our entire lives to finally afford a modest but nice second home to enjoy our vacations despite California's horrible taxation practices and irresponsible spending policies, why on Earth would we consider risking our dream property to renters who need government subsidies in order to pay the rent? Additionally, I know full well that the monies to 'incentivize' property owners, 'subsidize' renters and pay the county bureaucrat's salaries to oversee the Second Home Rental Program will likely be amortized over all Placer county property owners in the form of an additional charge on their property taxes - which are no longer fully deductible on our federal taxes. No thanks.
Must meet or beat income generated from short-term vacation rentals, either directly or via tax incentives (property and / or income taxes), utility incentives, etc. Apply tax reductions to primary residence as well as the second home?
Our use is intermittent, but we visit every season. PT owners already subsidize local activity via high prop taxes and almost no use of services - how much more do we need to give? We do a lot of our own maintenance/upkeep on older home. We’ve seen how renters treat property - mostly poor, who underwrites this bad behavior ? Who does the daily upkeep, required in the harsh mountain environment. Lastly, liability could be massive in litigious society we are in, trying to help, could end up losing everything with lawsuit. Better yet - why doesn’t the county and the tourism industry (ie big ski companies, etc) solve the problem they created ? Set aside land for high density housing and fast track building in areas where they need it most ? Pay a decent wage, improve the roads and transportation system, do their job. Your own survey says that the massive taxes raised by the county are used by only 40% of home owners (60% PT), where is all the money going ?
What is the government doing in the real-estate rental business? Pay attention to the roads and infrastructure and leave this business to private enterprise. This is a waste of tax payer money! This is a step towards socialism!
property tax incentives, since I do not use many of the county services. For example over the last decade I jhave never had a tenant that sent a child to school.
Property tax reduction
We’ve rented in the past and these are the problems that we’ve encountered; Quality of the renters is poor. Tenants are not familiar with winter living in the mountains so they damage pipes, furnishings, flooring, etc because they don’t know or don’t care to take preventive measures. Over use of heat, propane, or electric space heaters (expensive and unsafe). Overcrowding either with full time roommates or “visitors”. Big dogs that are excluded from our insurance policy. Bored dogs that are left at home inside while owners are at work so they destroy the property. High taxes, water, sewer and garbage fees increases the cost of having my home even though it’s paid off. The rent needs to be high enough to cover all the costs plus to make it worthwhile. Which in part leads to some of the problems above. The cost of renting to strangers is actually pretty high. And there’s a risk. So now we don’t rent.
Offer 2nd home owners who rent to long term residents a substantial tax break (on their property taxes) to motivate them
Many 2nd homes in Tahoe are vacation rentals, and are not vacant but provide a place for visitors to stay. Given the dependence on tourism, these are necessary and work for both the homeowner, the visitor, and the County (tax revenue).
property improvement programs, such as new roof, insulation, programs to upgrade properties to incentivize long time owners, reduction of capital gains taxes, Placer county purchasing homes such as a charitable remainder trust where owner can still use property, rent it out and benefit from ownership.
36 years in the basin and I was forced out because of them. I'm loving Truckee and would not think of returning because of the community. Now I'm a big fan of limiting and getting the numbers back to affordability and local occupancy. They put nothing in but tax money that stays down below and it drained the entire basin of it's community. Killed TC .
Property tax reductions
The rents will likely not cover the mortgage, property tax, and insurance if property was purchased in the last 10 years. People that have owned homes for decades are less inclined to rent them due to low basis and low property tax... the only way to get peoples attention is to lower property tax so that it is a breakeven versus expenses. Your problem is the cost of the homes are too high/ wages are too low...
I do not wish my property tax dollars supporting an incentive program for second home rentals. Limit short term rentals if you wish to convert short term rental properties into long term ones.
It is very difficult to find credit quality and adequate deposits to cover the economic risk of workers. Additionally, the current tax code limits your deduction of expenses based upon owner useage. Both factors make rental to workers a bad investment.
Discount on the high property taxes.
I don't know what the tax impact would be in changing my property from a home to a property generating rental income. I have owned the property for 20+ years. The change in tax status concerns me.
I have a few long term rentals in Kings Beach. All are rented to working class folks. Rental payments do not cover mortgage, taxes and insurance costs. Definitely does not cover repairs, maintenance and tenant incurred expenses. Would love to see some type of assistance program - I will not be able to subsidize these rentals much longer and will probably resort to seasonal / short term rentals.
The property is so expensive (850K) and the taxes are so high (10K), there is no way I would let a seasonal work live in my condo. That doesn't even include the wear and tear of the furniture, carpeting, beds and kitchen appliances from full time use.
tax free rental income (50% is a lot of tax to pay for the rent).
I would consider a six month rental annually from Nov 1 to April 30 for the right terms including a property tax reduction
Inherited cabin in Homewood about 2014 (father owned since 1985). Taxes and expenses wonderful now. Actually planning to demo existing cabin (1952) and build new (most likely too expensive to remodel/add space). So, good or bad to recoup owner annual costs (water, sewer, waste, road plow, insurance, TAXES and now mortagage for me too) renting, BnB, does make you consider this possibility.
Provide incentives to build multi-family housing for long term renters. Lower property tax, lower permit fees, more flexible zoning, expedited permitting, etc.
Lower property tax
I am all for anything that helps the housing market for long term rentals--I won't rent out mine as I am there close to 509% of the time and have a family member that lives there full time. I think incentives are good--could Squaw or other resorts give passes or other benefits for long term rentals? What about dis-incentives for short term rentals--like taxing Air BNB or VRBO more? Or enforcing more. Candidly I think that Squaw should also look into building dormitory style housing--perhaps also open to other than just their employees (like restaurant and retail workers) and that perhaps the county or state could give them tax breaks or other incentives to do so. Also think those would be WAY more beneficial than a water park. What good is a water park if there is no one to staff it?