How Senior Homeowners Can Lower Their Property Taxes
When you sell your home and buy another home anywhere in California, Proposition 19 allows homeowners 55 or older to save on property taxes. You can continue to pay the amount of your existing property taxes if you sell your home and buy a replacement house of equal or less value. If your replacement home has a higher value, you can still save on property taxes, but a lesser savings.
For example, the property taxes for the home that you have owned for many years may be $3,500 per year. If you move to a new home, your property taxes would remain at $3,500 instead an increased amount. The normal increased amount would be about 1.25% of the cost of the new home. For example, if you buy a home for $1M, the taxes would be about $12,500 per year. Because of Proposition 19,
See our extensive discussion of Proposition 19.
Learn About Your Senior Exemptions
The county provides a list of exemptions for property tax items that apply tour property. Follow these steps:
- Look on your tax bill for your Parcel Number or APN. This should look like 099-999-99.
- Enter your Parcel Number on this web site: apps.marincounty.org/PropertyTaxExemptions/
You Can Save on School Taxes
Most school districts have a Senior Exemption Program that excuses you from paying property taxes related to that school district. The senior exemption is for homeowners 65 or older.
About $500 of your property taxes each year goes to your local schools, part to the high school district and part to the primary-middle school district. The amounts vary with district. You may want to continue to support your schools through your tax contributions. However, if this savings help you stay in your home, you may choose to apply for exemptions.
Cove School Corte Madera
Each school district has its own application process. To find applications, you can search the internet for “School district name senior exemption;” for example, “Mill Valley Schools senior exemption.” You can also call the school district. Find your school districts and their contact information at LivinginMarin.com:
Primary and middle school districts
Remember, there are separate applications for high school and primary-middle school districts.
