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Santa Maria California Form 8824: What You Should Know

The Santa Maria City Council adopted rules on the Use of Real Property Form 8822. The council adopted rules concerning the Use of Real Property Form 8221 for certain real estate transactions. The council's action establishes rules in connection with property that is owned by residents of Santa Maria. The city of Santa Maria does not have formal procedures for the exchange of a real property for another property. Under local ordinances, there is a requirement to make the exchange of real property, or improvements (or portions of such property), subject to a public hearing. Selling Real Property — Santa Maria Use Tax Exemption for Property of a Like Kind The city government is authorized to grant tax exemptions for property of a like kind. This provides the government with a tax benefit as defined in federal tax law. The exemption was created to promote economic development in the city by encouraging individuals and families to build or purchase units of housing that conforms to the particular characteristics of the different residences on public and private lots. The city council has created an exemption that applies to properties of a like kind. The exemption is an exemption for the use tax paid on a property. This exemption is a sales tax exemption. The exemption applies to both real property and improvements or portions of real property. A property is of a like kind when it is similar in its characteristics to one or more other properties on public and private lots. An example of property of a like kind is where both or all of the following are true: It consists of one or more residential buildings of comparable size and design and one or more commercial buildings of comparable size and design. It is located on a one or more residential lots. It is located in a city. This means that it can be legally categorized as a residential or commercial property. It is located on either a public or private lot. This means that property tax on it is assessed on the public tax rolls rather than on the particular lots where it is located. Note: There is one exception to the use tax exemption for properties of a like kind. If this property is also a building that is exempt from the general real estate tax, or it is a building, a new structure, or a portion of an existing structure, the property tax exemption is not available unless the property is also exempt from the general real estate tax. In this instance, if the property is a residential building, the owner of the building can claim it under the use tax exemption for a qualified residential property.

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