DID YOUR AGENT TELL YOU HOW TO LOWER YOUR PROPERTY TAX BILL?
REAL ESTATE PRACTICE, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS, TIPS FOR SENIORS
August 9th, 2008
Need some extra cash in your pocket for a tank of gas or a nice dinner out in Redding? I have found that a surprising number of property owners don’t take advantage of the Homeowner’s Property Tax Exemption. On January 1st of each year at 12:01 am, the exemption is available to an eligible owner of a dwelling which is occupied as the owner’s principal place of residence. To obtain the exemption, file form BOE-266, available online at:http://www.co.shasta.ca.us/departments/AssessorRecorder/Forms/HOXclaim.pdf
Assuming you qualify, $7,000 will be deducted from your assessed value lowering your tax bill about $75. This is not a way to get rich, but why pay any more taxes than necessary!
To be exact, the claimant must be an owner or co-owner or a purchaser named on a contract of sale. The dwelling must be any place of residence subject to property tax; a single-family residence, a structure containing more than one dwelling unit; a condominium or unit in a cooperative housing project; a houseboat; a manufactured home (mobilehome); land you own on which you live in a state-licensed trailer or manufactured home; and the cabana for such a trailer or manufactured home are examples. Dwellings that don’t qualify include vacant homes, rentals, vacation or secondary homes.
Once the exemption has been granted it continues until it is terminated by the property owner. It is important to notify the assessor promptly if the property becomes ineligible for this exemption. The assessor has the right to tack on a 25% penalty of the escaped assessment for failing to notify the assessor immediately when the property no longer qualifies for the exemption.
I make a point of notifying my clients, who are eligible for the exemption, upon close of escrow how to go about filing for the exemption. Over the average time someone lives in their home, they can save hundreds or thousands of dollars in the long run. If you haven’t claimed your Homeowner’s Exemption, do so today and have a night out on me (with the tax money you saved!).
For expert buyer or seller representation or a free market evaluation or if you have any real estate questions, I would love to help. Contact me @:
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
25 YEARS REAL ESTATE LOCAL EXPERIENCE
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