$14.7 Million in Veteran Exemptions Granted By the Office Of The Assessor-Recorder Carmen Chu to Benefit Veterans and Their Families
***PUBLIC SERVICE ANNOUNCEMENT***
$14.7 MILLION IN VETERAN EXEMPTIONS GRANTED BY THE OFFICE OF
THE ASSESSOR-RECORDER CARMEN CHU TO BENEFIT
VETERANS AND THEIR FAMILIES
SAN FRANCISCO, CA – Every year, the State of California provides close to $5 billion dollars in property tax exemptions to assist disabled veterans who own and live in their homes. In San Francisco, the Office of Assessor-Recorder granted over $14.7 million dollars in property tax exemptions to help disabled veterans and their families.
“We owe our veterans a debt of gratitude for their service and for putting their lives on the line for our country. The property tax exemption is one way we can help veterans as they return home,” expressed Assessor-Recorder Carmen Chu, whose office is responsible for establishing taxable values for all properties in San Francisco. “In 2016, 141 Disabled Veterans’ Exemptions were granted in San Francisco. We hope those reading this announcement can help us share this valuable information with our veterans,” said Chu.
The Disabled Veterans’ Exemption is a state-wide program administered by local County Assessors. It helps qualified disabled veterans to save on property taxes by deducting up to $191,266 worth of assessed value from their property’s total assessed value. According to preliminary data provided by individual County Assessors to the Board of Equalization, over 40,000 veterans have applied and were granted with this tax benefit in 2016. In San Francisco, 141 applicants were qualified, with an average annual tax savings of $1,200 dollars.
Qualifying veterans must have been disabled due to a service-related injury or disease while in the armed forces, and must be a resident of California. The disabled veteran or a disabled veteran’s spouse must own and occupy the property as their principle residence. For more information on this exemption, please visit the Assessor-Recorder’s website at sfassessors.org.
There are over 208,000 parcels in the City and County of San Francisco. The Office of the Assessor-Recorder is responsible for establishing a taxable value for each of those parcels. Property taxes represents approximately one-third of San Francisco’s General Fund revenues, supporting local services such as public safety, health, social and neighborhood services.