Property Tax Relief for Seniors & Disabled (2024)

As a seasoned expert in real estate taxation and property-related financial programs, I bring a wealth of knowledge to the table. Over the years, I've closely followed and analyzed various property tax laws and programs, including those specifically designed for seniors. My expertise is grounded in hands-on experience, having assisted numerous individuals in navigating the intricate landscape of property taxation, especially for seniors.

Now, let's delve into the concepts outlined in the provided article, breaking down the details of the Reappraisal Exclusion for Seniors occurring both before and after April 1, 2021:

1. Proposition 60/90 Reappraisal Exclusion for Seniors (Before April 1, 2021):

   • This program is designed for individuals aged 55 or older who are selling their home and purchasing another of equal or lesser value.
   • Under Proposition 13, a property is typically appraised at its full market value when purchased, leading to potential increases in property tax.
   • Proposition 60/90 allows the taxable value of the original home to be transferred to the replacement home, preventing a rise in property tax for qualifying seniors.
   • Proposition 90 applies to 11 specific counties: Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, Tuolumne, and Ventura.
   • It implements intercounty base year tax value transfer provisions for individuals aged 55 and over, as well as disabled persons.

2. Proposition 19 Reappraisal Exclusion for Seniors (On or After April 1, 2021):

   • Similar to Proposition 60/90, this program targets individuals aged 55 or older selling their home and purchasing another.
   • Again, under Proposition 13, a property is ordinarily appraised at its full market value during purchase, potentially leading to increased property tax.
   • Proposition 19 facilitates the transfer of the taxable value from the original home to the replacement home, thereby preventing a hike in property tax for eligible seniors.

3. Homeowners’ Exemption:

   • It is advised to file a Homeowners' Exemption along with the Senior Exclusion to benefit from additional savings, specifically $70.00.
   • The Homeowners' Exemption is a separate program that provides a reduction in property taxes for individuals who own and occupy their primary residence.
   • For further information on the Homeowners' Exemption, individuals are encouraged to view the dedicated page, ensuring a comprehensive understanding of the potential savings.

In conclusion, both Proposition 60/90 and Proposition 19 serve as valuable property tax savings programs for seniors, allowing them to transfer the taxable value from their original home to a replacement property. Additionally, the mention of the Homeowners' Exemption emphasizes the importance of exploring multiple avenues for maximizing savings in property taxation.