Homeowner’s Property Tax Exemption deadline, Feb. 15
Your principal place of residence is the address on your voter registration, your car registration, and where you return after work
If you are an owner, co-owner, or purchaser listed on the contract of sale for your principal place of residence, you can take the Homeowner’s Property Tax Exemption
By JEROME HORTON
The deadline to file your claim for an up to $7,000 property tax exemption is Feb. 15, 2018. After that date, you will only be eligible to receive 80 percent of the exemption.
Most concentrate on getting their personal income tax filed by April 18 and claiming the up to $6,318 in federal earned income tax credits (EITC), up to $2,775 in state EITC, and other appropriate deductions. But don’t forget about your Homeowner’s property tax exemption.
To claim the Homeowners’ Exemption, you must be an owner, co-owner, or purchaser listed on the contract of sale for your principal place of residence. To determine whether your property is your principal place of residence, think about the address on your voter registration, your car registration, and where you return after work. Essentially, this is the place where you will live for the majority of your time this year.
According to Los Angeles County Assessor Jeffrey Prang and Ventura County Assessor Dan Goodwin, more 400,000 taxpayers in Los Angeles County and 27,000 taxpayers in Ventura County forget to claim their Homeowners’ property tax exemption. During these times of tax reform, it is important that homeowners familiarize themselves with the various tax deductions, credits, and exemptions to minimize their tax liabilities, maximize their refunds, and lower their cost of living.
With more than 8 million Californians living in poverty and epidemic homelessness, mental illness, and drug addiction, lowering one’s tax liability is one way to stimulate the economy and create jobs. In L.A. County the population of low-income individuals is higher than the average for the state. The Homeowner’s exemption and the federal and state EITC are a few of many forms of tax relief available to help survive the high cost of living in California.
Jerome Horton is the elected member of the California State Board of Equalization representing the 3rd District