How to get a tax bill this year: How to pay less
San Diego real estate developer Bill Burchfield is looking at ways to reduce his taxes to offset the anticipated $4 billion in tax cuts he expects to get from President Donald Trump’s plan.
The San Diego Board of Supervisors on Tuesday approved the Burchfields proposal to reduce tax bills, including the real estate tax, to offset his projected $4.5 billion in state and local tax cuts under Trump’s tax plan.
“I think there is an opportunity to pay down the debt a little bit,” Burchland said Tuesday.
“We’re not going to do anything drastic, but we’re going to try to work it out.”
Burchfield said he is planning to put up about $2 million in capital improvement and maintenance to lower his property tax bill.
The city’s tax levy is currently about $1,500, but the B.S.O. estimates the rate will go up to $2,500 in the next five years.
The proposed cuts include a $300,000 credit for developers who are moving to the county from other areas to cut their tax bills.
The Burchlands property tax increase has been on the table for several years, but it hasn’t been fully implemented.
It will take a little more than a year for the city to complete the work to make sure the city’s taxes are in line with the proposed cuts.
Burchland has also proposed a one-time $300 credit for new and existing property owners to pay for the real-estate tax cuts.
He said that could save the city about $600,000 a year in taxes.
“It is a nice way to put our community on the map,” Burtland said.
The proposed tax reductions are expected to save the Busterfields property tax from the $3,500 the average homeowner pays.
In 2019, Burchfeld expects his property taxes to be about $4,000, but his property values are already rising.
Busterfield said the city has already made several large property-tax cuts, such as eliminating a tax credit for small business owners, and he’s hoping to make some small changes to other areas of the city.
He’s also considering increasing the tax exemption for a few types of residential and business buildings to about $75,000 from $50,000.
The council will consider Burch’s proposal at its March 4 meeting.
It’s unclear when the Burtfields proposal will be considered.
Contact the writer: [email protected]