Monday, December 11, 2023

Understanding Property Tax Relief for Seniors in California

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 and fund essential services such as schools, fire departments, and public transportation.

Senior Property Tax Assistance
The state offers the Property Tax Deferral (PTP) program, which allows qualified seniors, age 62 or older, blind or disabled, to defer paying property taxes for 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 for the unmarried spouse of a veteran who died disabled. There is also a Homeowner’s Exemption, which can reduce the assessed value of a home by $7,000, resulting in a tax savings of approximately $70 to $80 per year.

Although California seniors must pay property taxes, state programs seek 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 are eligible.

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