Tax: Property Tax Exemption

Property Tax savings through Homeowners Exemption

If you own and occupy your home as your principal place of residence, you may be eligible for an exemption of up to $7,000 off the dwelling’s assessed value, resulting in a property tax savings of approximately $70 to $80 annually.

Eligibility

You must be a property owner, co-owner or a purchaser named in a contract of sale.
You must occupy your home as your principal place of residence as of 12:01 a.m., January 1 each year.

Principal place of residence generally means where:

  • You return at the end of the day
  • Your vehicle is registered
  • You are registered to vote
  • Your mail is delivered

A dwelling does not qualify for the exemption if it is, or is intended to be, rented, vacant and unoccupied, or the vacation or secondary home of the claimant.

Filing period and exemption amounts

For the year in which you occupy the dwelling on lien date (Jan. 1), the full exemption is available if you file by 5:00 p.m. on the following February 15.

If you file a claim between the following February 16 and 5:00 p.m. on December 10, 80% of the exemption is available.

The homeowners’ exemption may be applied to a supplemental assessment.

You must file a claim form and be eligible for the exemption before the next lien date (12:01 a.m., Jan. 1) following the date of the supplemental event.

You must occupy your home as your principal place of residence within 90 days after the change of ownership or completion of new construction.

Homeowners’ exemption ineligibility

You are responsible for notifying the Assessor when you are no longer using the property as your principal place of residence. You are only eligible for one homeowners’ exemption at a time within the state. Homeowner Exemption Termination Notices are inserted annually with your secured property tax bill.

This information is a synopsis of the homeowners’ property tax exemption. You may call the Assessor’s Office for more specific information.

TO RECEIVE A CLAIM FORM:
Homeowners can call the Assessor’s Exemption Unit at (408) 299-6460 or e-mail the Assessor’s Office at Exemptions@asr.sccgov.org This email address is being protected from spambots. You need JavaScript enabled to view it.  When contacting or e-mailing the Assessor’s Office please provide the property address and assessor’s parcel number.

Looking For More?

Comments

Silicon Valley Accounting Solutions produces the Solution of the Week in order to share tips and shortcuts that promote process efficiency and highlight software features that may not be in your current toolbox. Please let us know if you have questions on how to accomplish a particular task or if you simply have a comment to share.

Even if you find that you know most of what you see here, it only takes one “Aha” to make regular visits worthwhile. To avoid missing any solutions, you may subscribe and have a new one delivered to your inbox each week.

Contact Us

We want to help you grow
your business, call us
at: (408) 260-5250 or
find out more here.

Controllership

When you need:
  • Clear processes for cash controls
  • Analysis of results
  • Customized reporting

Accounting

When you need:
  • Timely and accurate bookkeeping
  • Reconciliations and monthly closes
  • Familiarity with popular accounting software
Web Analytics