Tax Exemptions for Homeowners
Tax exemptions are given to homeowners who own property that is their primary residence. It costs nothing to apply for this exemption. You can call 714-834-3821 or go to http://ocgov.com/gov/assess and the assessor will send you an application to fill out and return. It’s not a huge savings on your property tax, but anything helps! If you have your latest tax bill, you can check to see if you’ve been given a homeowner tax exemption.
The example below was taken from the Orange County Assessor’s website http://ocgov.com/gov/assessor:
You may qualify for a tax exemption if:
- You own the property
- It was your principal residence on January 1 at 12:01 a.m.
- You don’t already have a homeowner’s tax exemption
- You submit a completed application
Here’s an example of how it works:
- The taxable value of your home is $250,000
- Less Homeowner’s Tax Exemption – $7,000
- Tax Calculation Value = $243,000
A Homeowner’s Tax Exemption will save you at least $70 per year in taxes. The actual amount will depend on your area tax rate.
The deadline for filing for the full $7,000 tax exemption is February 15th at 5:00 pm. If you submit after Feb. 15th and on or before December 10, you may receive 80% of the full tax exemption which is $5,600.
The assessor sends an application to every new homeowner with pre-filled information that identifies the property and the sales transaction. Make sure to look out for it in the mail, fill it out and return in for your tax exemption!