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Save $7000 on your Calif. tax via the Homeowner’s exemption

by Harold Powell

What is a homeowner’s exemption?  A homeowner’s exemption is just a property tax exemption.  The California state constitution provides for the exemption of up to $7,000 in assessed value from property tax assessment of any property owned and occupied as the owner’s principal place of residence.  This means that the exemption removes up to $70 from your annual property tax bill.  There’s no reason to forgo the benefit.

Watch today’s video to understand who qualifies for the tax exemption.  It’s important to note that the full exemption for the year is available if the form is filed by Feb 15th after that a date a percentage of the exemption is available for that year.

Tax Free Sale

by Harold Powell

The homeowner’s principal residence tax exemption is one of the few places in the IRS code that an owner can qualify for tax free sale. Understanding who and when you can qualify for the $250,000 or the $500,000 homeowners exemption is always a part of the selling process.  
Today I interview Don Pyne , CPA from Pyne, Waltrip, Decker & McCoy, to tackle some of todays most common questions from homeowners.  Questions such as who qualifies for the exemption? How does the surviving spouse rule work? How long you can rent your property for before you would lose your exemption?  These are just some of the questions we discuss in today’s video.


 

Displaying blog entries 1-2 of 2

Contact Information

Photo of Harold Powell Real Estate
Harold Powell
RE/MAX Gold Coast Realtors
5720 Ralston St. Ste. 100
Ventura CA 93003
(805) 339-3516