What credits or deductions can I get for my property taxes?

In California, homeowners are eligible for a variety of credits and deductions that can reduce their property taxes. Property tax deductions reduce the total taxable value of a property, while credits reduce the amount of tax due on the property. One of the most common credits for property taxes in California is the Homeowner’s Exemption. This credit applies to a homeowner’s principal residence, and reduces the assessed value of the property by $7,000. This credit can reduce the amount of taxes a homeowner pays annually. The California Veteran’s Exemption provides a partial property tax exemption for certain qualified veterans or their surviving spouses. If approved, this credit can reduce property taxes between $100 and $175,000 depending on a variety of factors including the veteran’s level of disability, the assessed value of the property, and the veteran’s income. Another credit applicable to California property owners is the Senior Citizen’s Property Tax Postponement Program. This program postpones tax payments for qualified seniors until the property is sold or otherwise transferred. Additional credits or deductions may be available depending on a variety of factors including the property’s location or zoning, and the applicant’s financial situation. For more information, potential property owners should contact the local county assessor’s office for further guidance.

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