In California, seniors are responsible for paying property taxes; however, there are programs available to help ease their financial burden. Property taxes play an important role in funding essential services such as schools, fire departments, and public transportation, so it’s important for seniors to understand their obligations and the help available.
Property Tax Assistance Programs for Seniors
The Property Tax Postponement (PTP) program is offered by the state and allows qualified seniors who are 62 years of age or older, blind, or have a disability to postpone their property taxes on their primary residence. This program is based on income, and applicants must have at least 40% equity in their home.
In addition to the PTP program, there are other exemptions available for California seniors. Eligible disabled veterans or unmarried spouses of deceased disabled veterans may benefit from a property tax exemption for their principal residence. In addition, there is a Homeowners’ Exemption that can reduce the assessed value of a home by $7,000, resulting in an annual tax savings of approximately $70 to $80.
While it is true that California seniors must meet their property tax obligations, it is reassuring to know that the state provides programs designed to help those who qualify. Older homeowners need to stay informed about these opportunities and apply for any assistance programs for which they may qualify.