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Posted on: February 7, 2024

Assessor Alerts Homeowners Tax Savings Imminent

Housing assessment

Assessor Rolf Kleinhans reminds homeowners that property tax savings, in the form of a $7,000 reduction to their home’s taxable value, awaits them until the middle of February. Ironically, there’s a significant number of homeowners that are either unaware of this property tax savings or simply have not taken advantage of it.

Since 1974, the state’s Constitution has given homeowners financial relief from the high cost of housing through the Homeowners’ Exemption (HOX). The exemption automatically reduces a home’s assessed value by $7,000 if the home is the owner’s primary residence as of Jan. 1. That translates to a property tax savings of $70 annually, which is reflected on the homeowner’s property tax bill. The deadline to apply for and receive the full benefit of the exemption is Feb. 15. However, if the deadline is missed and a HOX claim is filed later this year, a homeowner may have their savings prorated for this tax year and receive the full benefit in future years. Homeowners need only apply once to receive these savings each year and the savings will continue until a change to the property’s title (such as a sale) is recorded.

Moreover, the HOX is even more important now than ever before because of Proposition 19. Prop. 19 changed the rules that apply to transfers between parents and children, or in some cases grandparents to grandchildren, by abolishing previous tax savings programs available for transfers of any property not being used as the owner’s primary residence. Now, if a home is not used as the owner’s primary residence or the HOX is not claimed, the children will not receive the tax benefit.

This tax savings program is just one of several programs that can save a taxpayer money, which is why Assessor Kleinhans has instituted public information efforts to raise awareness about ways in which Nevada County property owners can save on their annual property tax bills. Those programs include Misfortune and Calamity assessments, the Parent-Child Transfer Exclusion, the Veterans’ Exemption, the Disabled Veterans' Exemption, and the tax base transfer program for seniors, which allows anyone 55 and older to move and take their low tax-base with them. These programs, along with others, has resulted in over $278 million in property tax savings last year alone.

The Homeowners’ Exemption claim form and filing information are available at the link: CAA e-Forms Service Center - Nevada: BOE-19-B (capropeforms.org).  For additional property tax relief programs as well as other pertinent information visit website at https://www.nevadacountyca.gov/assessor or call 530-265-1232.

 

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