Homestead Act For Senior Citizens In Riverside
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FAQ
Property Tax-Aide features three California property tax relief programs: Property Tax Postponement, available for older residents, and Homeowner's Property Tax Exemption, available to all homeowners, and the Base Year Value Transfer for Homeowners at least Age 55 or Disabled (Proposition 19).
Who qualifies for a senior property tax exemption? he eligibility criteria for senior property tax exemptions vary by location. Generally, they are available to homeowners who are at least a certain age (often 65 or older) and meet specific income or property value requirements.
As of January 1, 2024, the new minimum homestead exemption is $349,720 and the new maximum is $699,426. For Riverside County, the 2024 homestead exemption is $612,000. For San Bernardino County, the 2024 homestead exemption is $475,000.
Property taxes are based on the assessed value of your property. The Homeowners' Exemption reduces your property taxes by deducting $7,000 from your property's assessed value before applying the tax rate, and given the one percent statewide property tax rate, this generally equates to $70 in property tax savings.
Homeowners' Exemption is a statutory tax provision, which provides a homeowner a $7,000 reduction off the taxable value on their primary residence. With an approximate 1% property tax rate, the exemption provides roughly a $70 annual saving off your property taxes.
This exemption is available to a single homeowner age 65 or older, or a couple filing a joint petition, if either or both are age 65 or over. You may not double the exemption amount if you are married and filing jointly.
California Homestead Exemption and Bankruptcy Using the revised exemption for 2021, a debtor may have $600,000 of equity in their Los Angeles or Orange County home and still file a Chapter 7 bankruptcy with their home being protected. The homestead exemption in Riverside County is $400,500.
Taxes aren't determined by age, so you will never age out of paying taxes. People who are 65 or older at the end of 2024 have to file a return for tax year 2024 (which is due in 2025) if their gross income is $16,550 or higher.
