Property Tax Benefit For Seniors

Property Tax Benefit For Seniors

Two California initiatives provide senior residents with property tax savings.  If you are over 55, find out how to transfer your property tax rate to a new home!   California has a program where senior residents can roll-over low property tax rates to a new home, a practice that saves homeowners thousands per year.  For example, my grandparents purchased their home in the 1960s for about $80,000, paying about $1,000 per year in property taxes.  After 40 years, the same home was worth about $400,000.  If my grandparents, who were by then senior citizens, wanted to sell that house and...Read more