Carlsbad Homes - Homeowner's Property Tax Exemption

By
Real Estate Agent with Solutions Real Estate CA DRE #01490977

 As a homeowner I expect you like to not pay more than your fair share of property taxes. Goodness knows they are high enough as it is, and if you are in a newer Carlsbad subdivision you may also be paying Mello Roos taxes (which can be hundreds or even thousands of dollars per year) on top of your property taxes and your HOA fees. Yikes.

I recently wrote about property taxes here in Carlsbad, and San Diego County in general. If you are concerned about not overpaying, or you don't know the basics about your property taxes (as either a new homeowner, seasoned resident, or a first time buyer) I strongly urge you to take a look. It could cost you some bucks not to.

Read more on your property taxes here >>>>>

Here's something else you should know about your home's property taxes.

Do you qualify for the Homeowner's Property Tax Exemption? Do you even know what it is?

  • The exemption allows for a $7,000 reduction in the assessed value of your home (which means about $70 saving in property taxes - yeah, it's not much but why not in your pocket instead of theirs?)
  • You can qualify if you are the property owner and occupy your home as the PRINCIPAL place of residence on January 1 of that year, and each year after
  • While the form is automatically mailed when there is an ownership change, you can get a form on the Assessor's website.
  • There is no fee. Check your last bill to see if you are already getting this exemption or not.
  • You should file by February 15 to receive the full reduction. Late filing runs from Feb. 15 until Dec. 10 (for an 80% reduction or $56). You will get the full exemption after the first year and do not need to file again.
  • There is no provision for obtaining the exemption for prior years - when you snooze you lose.
  • You are required to provide you SS# so they can determine that only 1 exemption is being received. And, no, you cannot receive exemptions on more than one house - you are limited to one, and it must be your principal residence.

So get the money you are due. Check to see if YOU are getting this important expemption or not.

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Rainmaker
87,192
Paula Henry
Home to Indy Team @ HomeSmart Realty Group - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Great info for Carlsbad homeowners. $70. in my pocket is better than in theirs. I am amazed that many do not know about these little bits of savings!
Sep 03, 2007 10:55 AM #1
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Jeff, our title companies handle this at close. You are allowed one deduction on your primary residense of 1/2 the SEV. Vacation homes etc, you pay full price.
Sep 03, 2007 11:51 AM #2
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Interesting. Our exemption just went up to 80k off assessed value...and goes up by age. Good thing because it balanced out our double assessed value from prices soaring. Our dates may be a little different but basically the same. Only one property and principle residence. (except Mello Roos)

 

Sep 03, 2007 01:27 PM #3
Rainmaker
551,512
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hey Jeff,

Good info here. That $70 can really add up after a few years. I've been in my home for 31 years now.

Sep 03, 2007 02:27 PM #4
Rainmaker
139,624
Vicki Lloyd
The Lloyd Realty Group - San Diego, CA
(619)452-9798, Real Estate San Diego California

I've heard that there is a move to increase this exemption, but don't know who is heading it up.  In areas where average home prices are $700K+, this $7,000 exemption doesn't seem like much, but if that's all you get, I definitely recommend taking it!  It will buy about 2 Starbucks coffees per month on an annual basis, or a cheap dinner and couple glasses of wine!

Sep 03, 2007 02:45 PM #5
Rainmaker
237,793
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate
Excellent information.  $70 may not seem like a lot, but it can pay for a utility bill, a great dinner, groceries---you get the picture.
Sep 03, 2007 03:02 PM #6
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Paula - that is such a good point. There are lots of these things out there, and often homeowners are not told, but must discover on their own, hence this post.

Thanks for your comments.

Jeff

Sep 03, 2007 03:08 PM #7
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Missy - that sounds similar to Massachusetts where I lived previously.

Jeff

Sep 03, 2007 03:09 PM #8
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Sally - well, it seems fair to me. Owners should gete the benefit. I wish it were more, but it's at least something. And there are some other benefits for folks over 55 - more on that in a later post.

Jeff

Sep 03, 2007 03:10 PM #9
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Lynda - it's not much but is means somethings to each of us. Why not take advantage. We would complain if we had to pay $70 more to the stare, wouldn't we?

Jeff

Sep 03, 2007 03:12 PM #10
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Vicki - I have heard that too. You're right...it is not a lot, but why not get the benefit if you can.

Jeff

Sep 03, 2007 03:13 PM #11
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Marlene - my point exactly. Better for me than them. Thanks for stopp[ing in.

Jeff

Sep 03, 2007 03:14 PM #12
Rainmaker
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Irina Netchaev
Pasadena Views Real Estate Team, Inc. - Pasadena, CA
Pasadena CA Real Estate
Jeff, what a great post with excellent info and links.  A lot of home owners do not know about this  exemption.  You made it very simple and easy for them to apply for it.
Sep 03, 2007 04:59 PM #13
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Thanks, Irina. I appreciate your comments. It is definitely something that homeowners, especially new ones, should know about.

Jeff

Sep 03, 2007 05:41 PM #14
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