Property Tax Transfer Exceptions for Senior Citizens and Tax Benefits for Disabled Veterans in California

Moving to a new home is a big step, especially for senior citizens and disabled veterans in California. One of the biggest concerns is often the property tax bill that comes with a new purchase. The good news? California has special property tax exceptions and exemptions designed to ease this burden, making it easier for you to move without financial worry. Here’s what you need to know.

Property Tax Transfer Exceptions for Seniors

In California, thanks to Proposition 13, your property taxes are based on the assessed value when you purchase your home, with only modest annual increases. But if you decide to buy a new home, your taxes could rise dramatically because of reassessment at today’s market value. To help, California offers a property tax transfer exception for seniors through Proposition 19.

• Who qualifies? Homeowners who are 55 or older, severely disabled, or victims of natural disasters.
• What does it do? You can transfer the taxable value of your old home to a new primary residence anywhere in California, up to three times in your lifetime.
• Moving to a more expensive home? You’ll only pay increased taxes on the difference in value between your old and new homes.

This means you can downsize, move closer to family, or find a home better suited to your needs—without your property taxes jumping sky-high.

Tax Benefits for Disabled Veterans

California also offers powerful property tax relief for disabled veterans. The Disabled Veterans’ Exemption can reduce or even eliminate property taxes for veterans with a 100% service-connected disability (or their unmarried surviving spouses).

• Basic exemption: For 2024, up to $161,083 of your home’s value is exempt from property tax.
• Low-income exemption: If your household income is under about $76,235, the exemption increases to $241,627 (amounts adjust annually).

For example, if you purchase a $1 million home in San Diego, the basic exemption could save you nearly $1,800 a year on property taxes. If you qualify for the low-income exemption, your savings could exceed $2,600 annually!

Take the Next Step with Confidence

These property tax exceptions and exemptions can make moving much more affordable for seniors and disabled veterans. If you’re considering a move or want to learn more about your options, we’re here to help.

Contact Abundant Path Homes today:
Email: darel@abundantpathhomes.com
Phone: 858.229.1625

Let us help you find your next home and guide you through every step of the process!