Property Taxes: Use HOX to Save
Every homeowner faces the roll call of property taxes each year, probably wondering where they’ll go and will they go up.
However, there are ways to achieve property tax savings. A Factsheet from the Assessor-Recorder office of San Francisco gives some helpful tips.
The biggest saving comes from what’s called the Homeowners Exemption or HOX.
The HOX reduces your property taxes by deducting up to $7,000 from your assessed value before applying the tax rate. For San Franciscans (and all California) you can claim only one Homeowner’s Exemption. If you own a $700,000 home and your tax rate is 1.188% then you’re going to pay $8,316 without HOX.
With the HOX you take your $700,000 assessed value, subtract $7,000 from that, apply the tax rate of 1.188% and you’ll pay $8233, a small but appreciated savings.
Qualifying for HOX?
Meet these 3 criteria:
- You own the property
- The property is your principal residence
- You’re not already receiving this exemption on another California property.
Click here to download the PDF factsheet and learn how to apply for HOX.