A property tax exemption reduces or eliminates a property's taxable value, lowering the amount of property tax owed. Exemptions are typically offered to specific groups, such as homeowners, veterans, or non-profit organizations, and may be partial or full, depending on eligibility criteria set by local or state governments.
The Assessor is required to assess the property at its current market value when a change in ownership occurs or new construction is completed. This usually results in an increase in property taxes. However, there are some change-in-ownership and new construction events that are excluded from reassessment.
Under certain conditions, individuals with severe and permanent disabilities may transfer the Prop. 13 base year value of their principal residence to a replacement residence.
