How do property tax exemptions work?

Property tax exemptions are special waivers that reduce the amount of taxes paid on certain types of property. In California, the Board of Equalization sets the rules for exemptions and who qualifies for them. Exemptions are typically granted for owning certain types of property, such as a primary residence, or specific groups of people such as veterans, seniors, or the disabled. Eligibility for exemptions varies based on the type of property owned and the type of exemption requested. Generally, applicants must provide proof of ownership and residency in order to qualify. In order to receive the exemption, property owners must apply for it on an annual basis and provide any necessary documentation to support their application. The most common property exemption is the homestead exemption, which reduces the amount of taxes due on a primary residence. Eligibility for this exemption requires homeowners to reside in the home for at least six months of the year and to meet other qualifications. Other exemptions are available to veterans, seniors over 65, and residents living in special areas. For example, veterans may be eligible for a disabled veteran or widow exemption, while seniors may be eligible for a senior citizen exemption. Additionally, those living in certain areas may qualify for property tax relief through the California Homeowner Tax Assistance Program. Property tax exemptions can save homeowners a significant amount of money each year. However, it is important to remember that exemptions must be applied for annually and that eligibility requirements vary depending on the type of exemption requested.

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How do property tax exemptions work?

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