Call Assembly Member Sharon Quirk-Silva and urge her to vote No on SB 2

The Howard Jarvis Taxpayers Association has sent out a call-to-action email alert regarding Senate Bill 2 (SB 2) by State Senator Toni Atkins (D-San Diego). SB 2 would add a new tax on every real estate instrument, paper, or notice requirement negatively impacting refinances, construction loans, loan modifications, lien holders, lot line adjustments and death of a spouse for homeowners. This additional fee is per document recorded, which may consist of several documents for one transaction, up to a cap of $225. For more background on SB 2, see this recent column by Jon Coupal.

SB 2 is currently awaiting a vote in the Assembly either today or tomorrow.

[NOTE: Fullerton's State Senator Josh Newman already voted Yes on SB 2.]

HJTA explains just how costly Senate Bill 2 will make recording these documents:

TaxTransfer upon death deed: This document is commonly used to ensure that individuals avoid a costly probate situation following the death of a loved one. Under SB 2, filing this will cost an additional $150.

Estate planning documents: Placing deeds into a trust is a multiple document process and will now cost at least an additional $150.

Creating a reverse mortgage: Another multiple document process, this will cost an additional $225.

Death of a spouse: Beyond the emotional pain of losing a loved one, it will now cost an additional $225 to record this.

Homesteads: Creating a homestead to protect some of your equity from creditors will cost an additional $75.

Additionally, recorded transactions common to homeowners including modifying a loan to avoid foreclosure, refinancing a home loan, and taking out a construction loan all will cost an additional $225. Ultimately there are 450 transactions that could be subject to this tax.

Call Sharon Quirk-Silva’s Sacramento office now at 916-319-2065 and urge her to vote No on SB 2.

This entry was posted in 29th State Senate District, 65th Assembly District, Howard Jarvis Taxpayers Association, Josh Newman, SB 2, Sharon Quirk-Silva. Bookmark the permalink.

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