HOMEOWNERS EXEMPTIONS! ARE YOU USING THEM?

ARE YOU RECEIVING THE EXEMPTIONS AVAILABLE?

Did you know about Proposition 60/90, Proposition 8, or the Homeowners Exemption and how they can BENEFIT and SAVE YOU MONEY?  There may be many exemptions you aren't using! See below and I can help you get these started if you aren't using them! 

Homeowners’ Exemption

If you own a home and it is your principal place of residence on January 1, you may apply for an exemption of $7,000 from your assessed value. All new homeowners receive the exemption in the mail, but I have found about 50% of people never fill it out and return it! New property owners will automatically receive a Claim For Homeowners Property Tax Exemption. Homeowners’ Exemptions may also apply to a supplemental assessment if the prior owner did not claim the exemption. 

Market Value Decline–Proposition 8

This is a constitutional amendment that allows a temporary reduction in assessed value when a property incurs a decline in value.  A decline in value occurs when the current market value of a property is less than the current assessed value as of January 1.  In order to qualify for the reassessment, the property owner must demonstrate that on Jan 1, the market value of the property was less than the current assessed value.

RELIEF FOR SENIOR CITIZEN

Prop 60/90- basically these are constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his existing residence and purchases a replacement residence worth the same or less than the original property.  

Veterans' Exemption

If you are a single veteran with assets of less than $5,000, a married veteran with assets of less than $10,000, or an unmarried surviving spouse of an eligible veteran, you may apply for the Veterans’ Exemption of $4,000 applied to the assessed property value. Although it is unnecessary for the veteran to reside on that property in order to qualify, this exemption claim must be filed every year.