SACRAMENTO – Today, Assemblyman Matthew Harper (R-Huntington Beach) and Assemblyman Phillip Chen (R- Diamond Bar) announced the introduction of the “American Dream Act,” which will provide a tax break to both renters and homeowners in California. Assembly Bill 1100 increases the homeowners’ property tax exemption from $7,000 to $25,000 and also increases the renters’ tax credit by a corresponding amount to provide relief to those aspiring to own a home.
“Homeowners and renters in California are paying some of the highest overall taxes in the nation,” said Assemblyman Harper. “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 Assembly Bill 1100 forward.”
“High property taxes are making it impossible for too many Californians, who spent their lifetime living and working here, to stay,” said Assemblyman Chen. “This bill would provide immediate relief for millions of homeowners with an emphasis on helping those whose taxes far exceed their ability to pay.”
“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 for the Howard Jarvis Taxpayers Association.
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.