Property tax exemptions in 2024: Who can benefit from relief?
At the dawn of 2024, property tax sees a marked increase, with an average increase of 3.9% on French territory, and even beyond 20% in certain municipalities. Faced with these increases, it is crucial to know whether you are eligible for an exemption. Here is a complete guide to understand the different exemption possibilities of the property tax on built properties.
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Understanding the criteria for total exemption
For individuals who own real estate on January 1, 2024, whether it is their primary or secondary residence, rentals, or professional premises, the exemption criteria may vary. Particular attention is given to elderly, disabled, or low-income people. For example, if you are a beneficiary of the solidarity allowance for the elderly (Aspa) or the supplementary disability allowance (ASI), you could be exempt from this tax under certain income conditions.
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Exemption for seniors and disabled people
The exemption conditions for seniors and disabled people are precise: you must be over 75 years old on January 1 of the year or benefit from the allowance for disabled adults (AAH), and not exceed an income threshold reference tax set at €12,455 for a family quotient share, with an addition of €3,326 per additional half-share.
Living with other people and still benefiting from exemptions
Contrary to some popular belief, living with other people, whatever their income, does not necessarily exclude exemption. This rule also applies if you continue to enjoy your former principal residence while living in a retirement home or long-term care facility.
Partial exemption: welcome help
If you do not meet the conditions for a total exemption but you are in a situation of financial modesty, you could benefit from a reduction of €100 on your property tax. This relief concerns people over 65 whose reference tax income does not exceed the limits established for total exemption.
Income-based cap
A property tax capping system based on income is also in place to help those whose reference tax income does not exceed €29,288 for a quotient share, with additions for additional half-shares. This cap can considerably reduce the amount owed, especially if you were not subject to real estate wealth tax in 2023.
New features for new, renovated or vacant housing
Specific exemptions also apply to new homes or those that have undergone major renovations, especially if the latter contribute to energy savings. In addition, if you own a property that has been vacant for reasons beyond your control for more than three months, you could apply for partial relief for the period of vacancy.
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This article explores the different facets of property tax exemptions in 2024. It is essential for owners to understand their rights in order to potentially reduce their tax burden in a context of generalized increase in costs. The exemption measures discussed here should be considered carefully to optimize the financial management of your real estate.
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