Purchasing a home is an exciting time in someone’s life, especially if it is happening in an area like Placer County. Before you get the keys to your new home, however, you may want more information about property taxes in the region.
One thing that is of particular interest to many people moving to Placer County is if there are any property tax exemptions available.
Below are the exceptions you should be aware of:
Homeowners may be able to claim an exemption on their primary residence (the one you live in). The exemption can reduce the assessed value of the property by $7,000. You only have to apply for this exemption once and if it is approved it will continue each year as long as you own and occupy the property. To qualify, you have to own and occupy the property as of Jan. 1, each year, or “Intend to occupy, as your principle residence, a recently purchased or constructed dwelling within ninety (90) days after the purchase or completion of construction.”
Disabled Veterans’ Exemption
This exemption can provide tax relief for qualified veterans or their unmarried surviving spouse.
Seniors Tax Postponement Program
Senior citizens and disabled persons with an annual household income of $35,500 or less can apply to have their property taxes deferred on their primary residence.
Solar Energy New Construction Exclusion
If you buy a new home with an active solar energy system, you may qualify for a reduction in the assessed value of the property.