PSA for Home Owners Over 62

by Steve Shwetz | Jul 23, 2015 | Uncategorized

A house is not a home until the heart is found in the foundation. Every stain in the carpet, fingerprint on the windows, and collage of furniture makes something special of just a few pieces of timber nailed together.

Home, there is no other place like it according to Dorothy and Toto, and still, we no longer live in the beautiful grasslands of 1940s Kansas.

 (Source: Metro Goldwyn Mayer)

Here are some things that property owners over the age of 62 should be aware of when it comes to you and your home, sweet home.

1. Parcel Tax

The first thing to look for is an escape from taxes. Seems like everyone is paying taxes out of their nose with every sneeze nowadays, with no relief of a clean tissue in sight.

(Source: Disney)

Homeowners over 62 are hit the hardest because most are retired and are no longer paying off a home loan, and therefore taxes cannot be written off either. However, one tax that can be lessened, or even abolished, is a Parcel Tax, a tax paid by property owners. However, unlike most property taxes, a parcel tax looks into the characteristics of the house (such as size), instead of just the value.

Most people are paying too much on their parcel taxes and have no idea, but this list of Parcel Tax Exemptions, provided by the California Tax Foundation, may be beneficial in finding out if you are personally excused from this tax as well.

2. Taxes on Moving

Many elders have moved or are considering moving to a new home for the convenience of retirement, or family visits. With empty nests, mama and papa bird are looking for a smaller home closer to their little ducklings, and yet, are receiving higher taxes upon moving to a new location.

(Source: Disney)
However, it is possible to keep your old taxable value on your former home and transfer it as the same value on your new property to avoid higher penalties and costs.

“Prop 60 and Prop 90 can freeze the base property tax for one move per person, or a married couple over 55” as long as the new home is of equal or lesser value of the old, according to Chris Holden of the Los Angeles Daily News.

If you have more unanswered questions, click on the highlighted words for more information on Prop 60 or Prop 90 or moving concerns if you are 55 and older.

3. Other exemptions

Nothing is better than a perfect home, especially if you don’t have to pay for it (or pay as much). There are countless exemptions when it comes to property taxes and you may be able to file for multiple.

Here is a list of exemptions posted by the California State Board of Equalization that may be beneficial when reducing your house payment or property taxes.

Many cater directly to the homeowner, such as disabled or veteran discounts, while others link directly to the home location such as proximity to a church, college, cemetery, or public facilities. Check them out! Your savings could be enough to fund a cruise to the Bahamas!


(Source: Metro Goldwyn Mayer)

There are just a few basic essentials for life; the rest are pleasantries, but on the list of vital needs are food, water, and shelter, and a good home certainly counts for the best kind of shelter.

Love should rule the world, but sometimes those who are endowed with the green have a majority of the power. However, it is still possible to own the perfect home, and you don’t need to go through Oz or pay up to the wicked witch of the west to find it.

By clicking your ruby red heels, and a few websites online, you will find you had the power within you all along to make a house a home.

 

If you have any more unanswered questions about financing your home, contact us at Mesa Property Management or give us a call at (866) 679-1730.

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