Property Tax Help for California Seniors

download (3)George Runner, Vice President for the Board of Equalization 1st District, has posted helpful information for California seniors.  The article addresses:

  • California Property Tax Postponement Program
  • Special Parcel Tax Exemptions for Your Property
  • Transferring Your Property’s Taxable Value
  • Disabled Veteran Tax Exemption

The following is information is reprinted from the California State Board of Equalization website:

Tax Help for California Seniors, by George Runner

Many California seniors know about discounts at restaurants and the movies, but some aren’t familiar with the tax benefits available to them. As your elected Board Member and taxpayer advocate, I want to help you understand the various benefits and services available to you.

Help with Property Taxes

Need a Break? Property Tax Deferrals are Back!

California’s Property Tax Postponement Program will allow seniors (62 and older) or disabled persons with an annual household income of $35,500 or less to apply for postponement of property taxes on their principal residence. Applications may be filed with the State Controller beginning October 1, 2016. Information and the application are posted on the State Controller’s website.

Overtaxed? Seek Parcel Tax Exemptions for Your Property

If you pay a parcel tax or special assessment, you may be eligible for an exemption. Parcel taxes are locally imposed special taxes approved by voters, which must be paid by a real estate owner. Most of your home’s property tax bill is based upon its value, but parcel taxes are based on the characteristics of the parcel (e.g. the size of the home or lot).

To find out if you qualify for an exemption, call the local district or agency that imposed the parcel tax or special assessment listed on your annual property tax bill.

Note: An unofficial county-by-county list of some parcel taxes and exemptions is available on the California Tax Foundation website.

Moving Soon? Transfer Your Property’s Taxable Value

If you are 55 years or older, selling your home, and buying another of equal or lesser value, you may be eligible to transfer the taxable value on the home you sell to your new home, avoiding higher property taxes. See Exclusions from Reappraisal for details.

If you sell or transfer property to your child or grandchild, he or she may be able to pay the property taxes currently being paid on the property, avoiding higher property taxes. Visit this webpage for more information.

Contact your local County Assessor to find out if you are eligible to transfer your property’s taxable value.

Disabled Veteran? You May Qualify for a Property Tax Exemption

Depending upon income, 100% disabled veterans and their unmarried surviving spouses may qualify for a property tax exemption of $124,932 to $187,399 on their principal residence.

To learn more, visit our disabled veterans’ exemption webpage.

To apply for the Disabled Veterans’ Exemption, contact your County Assessor.

If you are a senior looking to buy or sell your home, Jason Kerner is your local San Ramon trusted realtor, broker and Co-Owner of NextHome Premier Realty Group.  Call, text or email Jason at 925-400-7007.