What is a property tax freeze?

A property tax freeze is a policy in California that prevents the amount of property taxes paid on a given property from increasing annually. This policy applies to homeowners aged 55 or older, and also protects homeowners who have had a disability for a period of time. Proposition 13 of 1978 established the property tax freeze in California as a way to offer tax relief to senior citizens and people with disabilities. Under the freeze, the amount of taxes due on a property are locked in at the purchase price of the property. This means that even if property values in the area increase, the tax burden of the property does not increase annually. In order to qualify for a property tax freeze in California, homeowners must provide documentation demonstrating that they are aged 55 or older, or have had a disability for a period of time. Additionally, they must also provide proof that they own the home in question, and that the home was their primary place of residence as of February 1 of the year the freeze is being requested. The property tax freeze can provide substantial tax relief for qualifying homeowners in California. It allows seniors and people with disabilities to remain in their homes without the burden of increasing property taxes, and provides financial stability to them throughout their lives.

Related FAQs

What is a property tax rebate?
What happens if my property value increases?
What is a “split roll” property tax system?
What is a mill levy?
What are the penalties for late payment of property taxes?
Who is responsible for paying property taxes?
What are the penalties for not paying my property taxes?
What are the various types of property taxes?
What is an assessment ratio?
Who sets property tax rates?

What is a property tax freeze?

Related FAQs

Related Blog Posts