Want To Save Some Money On Orange County Property Tax Bill?

What a great weekend for Orange County California property owners!  Fall has arrived and so has the property tax bill!  You can save some taxes if you take advantage of the homeowners' exemption! The exemption can be found on the county's web site

 

Homeowners' Exemptions  

You may qualify if:

• You own the property

• It was your principal residence on January 1 at 12:01 a.m.

• You don't already have a Homeowners' Exemption

• And you submit a completed application

If you owned and occupied your principal place of residence on January 1, you may qualify for a Homeowners' Exemption that would exempt $7,000 of your property's value from taxation.
	For example:
	Taxable value of your Home	$250,000
	Less: Homeowners' Exemption	-7,000
	Taxes are Calculated on	$243,000
A Homeowners' Exemption will save you at least $70 per year in taxes. The actual amount you save will depend on the tax rate for your area.   The deadline for filing for the full $7,000 exemption is February 15 at 5:00 P.M.. Qualified applicants filing after February 15 but on or before December 10 may receive eighty percent (80%) of the full exemption amount, which is $5,600.   You may apply for a Homeowners' Exemption if you do not have this type of exemption on any other property. The Assessor will automatically send exemption applications to new homeowners. Call (714) 834-3821 for more information.   Homeowners' Exemption applications are not available on-line.  The Assessor sends an application to every new homeowner pre-filled with information that identifies the property and the sales transaction.

 

Here are some frequently asked questions from the tax assessor page:

Homeowners' Exemption

Q: What is a Homeowners' Exemption?

A: A Homeowners' Exemption could save you at least $70 per year.

If you own and occupy your principal place of residence on January 1, you may apply for a Homeowners' Exemption that will exempt $7,000 of your home's assessed value from taxation.

Q: How do I get a Homeowner's Exemption?

A: New property owners will usually receive an exemption application within 90 days of recording a deed. If you acquired the property more than 90 days ago and have not received an application, please call 714-834-3821 for an application.

Q: What is the filing period for the Homeowners' Exemption?

A: The deadline to file for the full exemption is February 15. A partial exemption is available if your exemption claim form is filed between February 16 and December 10.

Q: Do I need to reapply for this exemption every year?

A: No. Once you have filed for a Homeowners' Exemption and you continue to own and occupy the residence, you will automatically receive the exemption. However, if a document is filed with the Clerk-Recorder's Office that changes the way the title is held, you may be required to reapply.

Q: How can I verify that I am receiving a Homeowner's Exemption?

A: A Homeowners' Exemption will appear as a $7,000 reduction in assessed value on the annual value notice and property tax bill.

Q: If I move out and rent my house to someone else, am I still eligible for the exemption?

A: No. If you do not own and occupy your home as your principal place of residence, you must cancel your Homeowners' Exemption. You can cancel the exemption by writing to our office or using the termination form included with your property tax bill. Please let us know the date you moved and provide your new mailing address.

Q: Why do I need to supply Social Security Numbers?

A: Social Security Numbers are used to verify the eligibility of persons claiming the exemption and prevent multiple claims. Claim forms and Social Security Numbers are kept strictly confidential.

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

Posted via email from Larry Weichman's Blog (714) 241-4532