Jump to content
Sign in to follow this  
socaldmax

Important property tax information for CA homeowners

Recommended Posts

Posted (edited)

I was just reading a topic on FB about property taxes and how you can't avoid them. However, that's not true for everyone.

If you're a disabled veteran with 100% disability, you're eligible to be exmpt on either $202,060 of your home's value, or $134,706, depending on which exemption you apply for. Here's the wording:

  • Basic – The basic exemption, also referred to as the $100,000 exemption, is available to all qualifying claimants. The exemption amount is compounded annually by an inflation factor. For example, for 2018, the basic exemption amount was $134,706.
  • Low-Income – The low-income exemption, also referred to as the $150,000 exemption, is available to qualifying claimants whose annual household income does not exceed a specified income limit. The amounts for both the low-income exemption and the annual income limit are compounded annually by an inflation factor. For example, for 2018, the low-income exemption amount was $202,060 and the annual household income limit was $60,490.

 

The othe exemption is for the spouse.

Proposition 160 November 1992.PNG

This is the one my mom used. My dad died in '65, she bought the house with his insurance payout in '67. When this went into effect in '93, she filed for it and never paid property taxes after that. They do charge you a $6 per tax notice for a handling fee, but no property taxes. This one is also transferable to one of the children after the death of the surviving spouse.

Other states may have similar programs, you'll have to check on that.

Another nice benefit is the CalVets program that pays for tuition for your kid's college at a state school, as long as you have a disability claim with the VA and you have some sort of tie to CA, like being a former resident, current resident, etc. I'm not sure of all of the possible variables, like attending boot camp in CA or being stationed in CA once, or something.

A co-worker of mine didn't know about it and I told him at lunchtime. We did a quick calculation that it was going to save him about $180,000 - 200,000 for his 3 daughters. Cheap bastard still wouldn't buy me a $5 sandwich!

:lmao:

Edited by socaldmax

Share this post


Link to post
Share on other sites

Yep.  My wife's grandfather was a Korean and Vietnam vet.  He passed away a few years ago, but the property tax on their house in Camarillo is only a few hundred a year and that is passed on to his surviving spouse (wife's grandma).  Pretty decent thing.  

Share this post


Link to post
Share on other sites

Good information.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Preview Post
Sign in to follow this  

More Links

©2001 GlamisDunes.com.
All rights reserved.

×
×
  • Create New...