What are the common exemptions to property taxes?

Property tax is a tax imposed on real estate and other property in California. Property tax exemptions are common in California and help reduce the tax burden of homeowners and property owners. One exemption is the Homeowners’ Exemption, which offers property owners a reduction of up to $7,000 on their tax bill. This includes single-family homes, condos, and manufactured homes. The Property Tax Postponement Program is available to seniors, disabled persons, and those with a low-income. This program allows those who qualify to postpone their property taxes if they meet certain criteria. The Disabled Veterans’ Exemption exempts disabled veterans and their surviving spouses from all or part of the property taxes they pay on their primary residence. Similarly, The Disabled Citizens’ Exemption provides a tax exemption for low-income, disabled citizens on the primary residence they own. The Parent-Child Transfer Tax Exemption is also available to certain parents who are transferring their primary residence to their children. This exemption can reduce the transfer tax due, allowing parents to pass the property to their children with minimal costs. Other exemptions include the Seismic Safety Exemption, which exempts seismic retrofitting costs from property taxes for a period of up to five years. The Disabled Persons Accessibility Exemption also offers a tax exemption for those who install improvements that make their property more accessible for the disabled. These are just a few of the common exemptions to property taxes in California. Others exist, but these are the most commonly used. It is important to research the different exemptions and determine what works best for each individual situation.

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What are the common exemptions to property taxes?

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