Deadline To Reduce Your Tax Bill Is February 15th, 2025!
January is the month to sign up for the Homeowners’ Exemption that reduces your tax burden by $7,000, if the home is your primary residence as of January 1st.
Key Details You Need to Know:
Deadline to Apply: February 15, 2025
Who Qualifies: Owners of a primary residence as of January 1, 2025
How to Apply: Visit your County Assessor’s website to download and submit the application
To get the entire savings, the homeowner must fill out an application at www.ocassessor.gov. The deadline is February 15th to get the entire savings. However, if you miss the deadline, the homeowner still gets a prorated amount and the entire savings the following years. Homeowners need only apply once to receive these savings annually. The savings continue until a change (such as a sale) is recorded.
The Homeowners’ Exemption is even more important now than ever before because of Proposition 19. Prop. 19 changes the rules that apply to transfers between parents and children and grandparents to grandchildren. It mandates that any property not being used as the primary residence will not be eligible for the transfer of the existing lower tax rate.
For further information on Homeowner’s Exemptions, please visit the Assessor’s website at https://www.ocassessor.gov/tax-saving-programs/homeowners-exemptions or contact their Exemptions Unit at (714) 834-3821
Source: Orange County Assessor's Office
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The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.
