Boris Smolgovsky - Insurance Broker

𝐂𝐎𝐍𝐓𝐀𝐂𝐓 Boris Smolgovsky - Mortgage Loan Consultant, Call 925-699-1210 OR DM 𝐅𝐎𝐑 𝐀𝐍𝐘 𝐇𝐎𝐌𝐄 𝐋𝐎𝐀𝐍 𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍𝐒, 𝐏𝐑𝐄𝐀𝐏𝐏𝐑𝐎𝐕𝐀𝐋𝐒 𝐀𝐍𝐃 𝐅𝐑𝐄𝐄 𝐂𝐎𝐍𝐒𝐔𝐋𝐀𝐓𝐈𝐎𝐍𝐒.

𝐀𝐫𝐞 𝐘𝐨𝐮 𝐆𝐞𝐭𝐭𝐢𝐧𝐠 𝐀𝐥𝐥 𝐘𝐨𝐮𝐫 𝐂𝐚𝐥𝐢𝐟𝐨𝐫𝐧𝐢𝐚 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐚𝐱 𝐁𝐫𝐞𝐚𝐤𝐬?
𝙃𝙤𝙬 𝙩𝙤 𝙊𝙥𝙩𝙞𝙢𝙞𝙯𝙚 𝙋𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙏𝙖𝙭 𝘼𝙨𝙨𝙚𝙨𝙨𝙢𝙚𝙣𝙩𝙨.
Either filing an appeal or claiming an exemption may reduce your CA property tax burden. If you own a CA home, you will want to ensure that you are not paying more property taxes than you must.
How can you reduce your CA property tax burden? There are two main methods (per laws known as Proposition 13, Proposition 58, and Proposition 19). The first is available to all homeowners. The second depends on whether you meet certain qualifications. If you meet those qualifications, you can seek tax relief using both methods.
𝑴𝒆𝒕𝒉𝒐𝒅 #1: 𝑨𝒑𝒑𝒆𝒂𝒍 𝒕𝒉𝒆 𝑻𝒂𝒙𝒂𝒃𝒍𝒆 𝑽𝒂𝒍𝒖𝒆 𝒐𝒇 𝒀𝒐𝒖𝒓 𝑯𝒐𝒎𝒆:
Each CA county tax assessors compute a homeowner's property tax by multiplying the home's taxable value by the applicable tax rate. The taxable value is set based on the purchase price, but county have the power to raise it by up to 2% each year in keeping with inflation, and to reassess value under certain circumstances. But mistakes can be. One of the primary ways to reduce your tax burden is by reducing the assessed value of the home- filing an appeal arguing that assessed value is less than assessed. The CA Board of Equalization offers a guide to the appeals process. It is time-consuming, but can be financially rewarding.
𝑴𝒆𝒕𝒉𝒐𝒅 #2: 𝑪𝒍𝒂𝒊𝒎 𝑨𝒍𝒍 𝑻𝒂𝒙 𝑩𝒓𝒆𝒂𝒌𝒔 𝒕𝒐 𝑾𝒉𝒊𝒄𝒉 𝒀𝒐𝒖'𝒓𝒆 𝑬𝒏𝒕𝒊𝒕𝒍𝒆𝒅:
- 𝘔𝘢𝘪𝘯 𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘤𝘦: The first $7,000 of the full value is exempt from property tax.
- 𝘝𝘦𝘵𝘦𝘳𝘢𝘯𝘴: May qualify for up to a $4,000 exemption, but under certain conditions.
- 𝘋𝘪𝘴𝘢𝘣𝘭𝘦𝘥 𝘷𝘦𝘵𝘦𝘳𝘢𝘯𝘴: The amount will depend on the age, income, and type of disability. The BOE's website includes a full description of this program
- 𝘚𝘦𝘯𝘪𝘰𝘳 𝘤𝘪𝘵𝘪𝘻𝘦𝘯𝘴 𝘸𝘩𝘰 𝘣𝘶𝘺 𝘢 𝘯𝘦𝘸 𝘊𝘢𝘭𝘪𝘧𝘰𝘳𝘯𝘪𝘢 𝘩𝘰𝘮𝘦: If you are 55 years old or older & sell your principal CA residence, you can transfer its base-year value to a new CA home.
- 𝘋𝘪𝘴𝘢𝘴𝘵𝘦𝘳 𝘳𝘦𝘭𝘪𝘦𝘧: If your home has been damaged/destroyed by a disaster, you qualify for a reduced assessment until home is repaired/restored.
- 𝘍𝘢𝘮𝘪𝘭𝘺 𝘵𝘳𝘢𝘯𝘴𝘧𝘦𝘳𝘴: If you acquired principal residence from parents or from children, it’ll not face a full reassessment. Also it applies if you acquired the home from grandparents, but only if both of parents are deceased.
Finally, depending on the complexity of your situation, you might wish to seek legal help.

𝐂𝐎𝐍𝐓𝐀𝐂𝐓 Boris Smolgovsky - Mortgage Loan Consultant, Call 925-699-1210 OR DM 𝐅𝐎𝐑 𝐀𝐍𝐘 𝐇𝐎𝐌𝐄 𝐋𝐎𝐀𝐍 𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍𝐒, 𝐏𝐑𝐄𝐀𝐏𝐏𝐑𝐎𝐕𝐀𝐋𝐒 𝐀𝐍𝐃 𝐅𝐑𝐄𝐄 𝐂𝐎𝐍𝐒𝐔𝐋𝐀𝐓𝐈𝐎𝐍𝐒.