Under certain circumstances described below, California law allows taxpayers the ability to permanently or temporarily reduce their assessed value, and/or transfer their protected Proposition 13 assessed value. Below is information about the major programs.
TEMPORARY RELIEF PROGRAMS
|Decline in Value (Temporary relief when the market declines below assessed value)||Prop 8|
|Disaster/Calamity Relief (Property damaged by misfortune or calamity)||Section 170|
PERMANENT PROPERTY TAX RELIEF, AKA EXEMPTIONS
If you own and occupy your home as your principal place of residence, you may be eligible for an exemption of up to $7,000 off of the assessed value. This exemption will reduce your annual property tax bill by about $70.
The veterans' exemption may be applied to real or personal property located in the county, and exempts up to $4,000 off of the assessed value of the property.
|Disabled Veterans Exemption
If you are a veteran who is rated by the Veterans Administration as 100% service-connected disabled, (or if you are the surviving spouse of such a veteran), you may be eligible for an exemption of up to $150,000 off of the assessed value of your home.
TRANSFERRING YOUR PROPOSITION 13 VALUES
The following propositions were adopted by California voters to allow property owners to transfer Prop. 13 factored base year values or to exclude certain events from reassessment. If you qualify, you must submit a completed claim form to receive these tax-savings benefits.
In some circumstances, your Proposition 13 factored base year value may not make it beneficial to file a claim.