Mocobizscene- Since 1974, California has been providing homeowners with an opportunity to lower the assessed value of their owner-occupied homes by $7,000. As a result, this reduction in value leads to a decrease in the annual tax bill for the homeowners. The application process is simple, requiring only one application. Once approved, the homeowners exemption is automatically applied to your assessment until you decide to move out or sell your home.
Los Angeles County Assessor Jeff Prang reports that approximately 435,000 households in the county, which accounts for nearly one-third of homeowners, fail to sign up for the exemption. As a result, these households end up paying an additional $30 million in taxes.
While it may not seem like a substantial sum per household, the $7,000 exemption translates to a savings of $70 per year, assuming the average property tax rate of 1% on the assessed value. Although it may not make a significant impact immediately, over time, these savings could accumulate and enable you to invest in a larger television set for your living room.
Signing up for the exemption holds great significance for homeowners who wish to capitalize on Proposition 19 in 2020, as highlighted in a press release by Prang’s office on Wednesday. This ballot measure enables individuals to transfer their homes to their children without triggering a reassessment of property taxes, safeguarding their heirs from facing substantial tax hikes. However, in order to be eligible for this benefit, the recipient of the property must submit an application for a homeowner’s exemption or disabled veteran’s exemption within a year of the transfer.
Suppose you currently reside at your current residence as of January 1st and have not yet claimed a homeowners exemption. In that case, you still have the opportunity to apply and receive the full $7,000 reduction. However, it is important to note that the deadline for applying is February 15th. After this date, the reduction will be prorated accordingly. The office of Prang emphasized the importance of acting within the specified timeframe to maximize the benefits available to homeowners.
To claim the exemption, you can easily download the form from the official website of the Los Angeles County Assessor’s Office at https://assessor.lacounty.gov/homeowners/homeowner-exemption. Once you have downloaded the form, simply fill it out with the required information about yourself, any co-owner, and your property. Finally, return the completed form to the assessor’s office.
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