FTB Announces Major Changes in Real Property Tax Deductions

March 12, 2012 Continuing its efforts to enhance tax collections, the State Franchise Tax Board ("FTB") has announced a significant change to the reporting requirements for real property tax deductions. According to the FTB, commencing for all 2012 tax returns, only the amount based on the "ad valorem" value of a taxpayer's property is deductible. […]