Thursday, November 30, 2023

Understanding Property Tax Obligations for California Seniors

In California, seniors are not exempt from paying property taxes, but there are programs to ease their financial burden. Property taxes are a major source of revenue for local governments, funding essential services such as schools, fire departments and public transportation.

Property Tax Help for Seniors
The state offers the Property Tax Deferral Program (PTP), which allows qualified seniors, 62 or older, blind or disabled, to postpone paying property taxes on their primary residence. This program is based on income and requires applicants to have at least 40% equity in their home.

In addition, the California Constitution provides a property tax exemption for the primary residence of qualified disabled veterans or the unmarried spouse of a deceased disabled veteran. There is also a Homeowner’s Exemption, which reduces the assessed value of a home by $7,000, resulting in a tax savings of approximately $70 to $80 per year.

While California seniors must pay property taxes, state programs aim to ease the financial burden for those who qualify. Older homeowners must stay informed about these opportunities and apply for any assistance programs for which they may qualify.

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