3 ms·
In California you get $7,000 off the assessed value of your home with the homestead exemption. So ~$70 off your yearly taxes. Must have been much more important
by njarboe 9y ago
In California you get $7,000 off the assessed value of your home with the homestead exemption. So ~$70 off your yearly taxes. Must have been much more important value when this was passed into law but almost nothing now on the usual $10,000/yr prop tax bill.
- seanmcdirmid 9y agoI think parentnis referring to the federal income tax deduction on interest, which most definitely is significant if you are able to itemize.
- matwood 9y agoWhere I live it’s a straight property tax reduction. In my current house I pay 1500/year in property taxes. If it was not my primary residence the property tax would be between 6k-8k. Instead of changing the assessed value, it lowers the percentage of tax paid on the value.