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. Please be advised that on November 3, 2020 voters approved Proposition 19 (Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act), which makes sweeping changes to a property owner’s ability to transfer their Proposition 13 Assessed Value. It also may change the process for claiming exclusions. Parts of the new law become effective on February 16, 2021 and parts effective on April 1, 2021. The most current information about the implementation of Proposition 19 is available at Proposition 19 .
In some circumstances, your Proposition 13 factored base year value may not make it beneficial to file a claim.