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A senior property tax exemption is a program that provides eligible senior citizens with a reduction in their property taxes to help alleviate the financial burden of homeownership in...
Property Tax-Aide features three California property tax relief programs: Property Tax Postponement, available for older residents, and Homeowner’s Property Tax Exemption, available to all homeowners, and the Base Year Value Transfer for Homeowners at least Age 55 or Disabled (Proposition 19).
Propositions 60/90 amended section 2 of Article XIIIA of the California Constitution to allow a person who is over age 55 to sell his or her principal place of residence and transfer its base year value to a replacement dwelling of equal or lesser value that is purchased or newly constructed within two years of the sale.
The State Controller’s Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria, including at least 40 percent equity in the home and an annual household income of $53,574 or less (among other requirements).
This Senior Exclusion benefit may provide relief by allowing seniors to upgrade their lifestyle in a new home without increasing their property taxes.
The updated website features eligibility screeners, property tax relief filing applications and state-specific property tax information. The Property Tax-Aide program enables AARP Foundation to offer support to older and low-income Americans year-round, Allen says.
California’s property tax relief programs for seniors are a testament to the state’s commitment to its elderly residents. By providing financial assistance and tax relief, these programs help to reduce the financial burden on seniors, allowing them to enjoy their golden years with fewer worries.
We offer a one-stop shop for information on state-administered property tax relief programs specifically designed for older adults. Our quick and easy eligibility screener takes just a few minutes to complete and provides personalized insights into potential programs you may be eligible for.
Sacramento – Today, California's seniors, severely disabled persons, and victims of wildfires or natural disasters will now be able to transfer the taxable value of their original residence to a replacement residence up to three times during their lifetime anywhere throughout the state.
Join millions of older homeowners and renters already saving an average of $440 a year. Did you know that over 9 million Americans are eligible for property tax relief but most aren’t receiving it? This valuable assistance could put $200 to $6,000 back in your pocket, helping you afford essentials like housing, food, and medicine.