Orange County Home Buyers - Additional Benefits Await You!
Posted by Leslie Eskildsen on Tuesday, October 27th, 2009 at 7:53pm.When you buy a one of the homes for sale in the great South Orange County communities like Coto de Caza, Mission Viejo, Rancho Santa Margarita, Dove Canyon, Ladera Ranch, or Robinson Ranch you will get the opportunity to apply for a Homestead Tax Credit. The following is take from the Orange County Tax Assessors web site.
Homeowners' Exemption Overview
Q: What is a California Homeowners' Exemption?
A: A Homeowners' Exemption could save you at least $70 per year. If you own and occupy your primary residence on January 1, you may apply for a Homeowners' Exemption that will exempt $7,000 of your home's assessed value from taxation for that tax year.
Q: How do I get a Homeowner's Exemption?
A: New home owners will usually receive an exemption application in the mail within 90 days of closingand recording the purchase of the home. If you purchased the property more than 90 days ago and have not received an application in the mail, you may call 714-834-3821 for an application.
Q: What is the filing period for the Homeowners' Exemption?
A: The deadline to file for the full year's exemption is February 15. A partial or prorated exemption is available if your exemption claim form is filed between February 16 and December 10 of the tax year in which you purchased the home.
Q: Do I need to reapply for the Homestead Exemption every year?
A: No. Once you have filed for a Homeowners' Exemption and you continue to own and live in the home, you will automatically receive the exemption. However, if anything changes in the way the title is held, you may need to reapply to continue to receive the exemption.
Q: How will I know that I am receiving a Homeowner's Exemption?
A: A Homeowners' Exemption will show as a $7,000 reduction in your home's assessed value on your annual property tax bill.
Q: If I move out and rent my house to someone else, am I still eligible for the exemption?
A: No. If you do not own and occupy your home as your primary residence, you are requited to cancel your Homeowners' Exemption. You can do this by writing to our office or using the termination form included with your property tax bill. Please include the date you moved and your new mailing address.
Q: Why do I need to supply Social Security Numbers?
A: Social Security Numbers are used to verify the eligibility of persons claiming the exemption and prevent multiple claims. Claim forms and Social Security Numbers are kept strictly confidential.
So, look for your Homestead Exemption application in the paperwork you receive from the County Assessors office and take the time to fill it out and return it. It may feel like small dollars, but why leave anything on the table! Take advantage of all the incentives and benefits of buying a home for sale in Orange County today!!
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