The Homeowner’s Exemption is a reduction in your assessed property value—up to $7,000—for property tax purposes. While that may not sound like much, it could shave off around $70–$100 from your annual tax bill, and more importantly, ensure your property is classified correctly with the Assessor’s Office.
✅ Who Is Eligible?
There are two ways to qualify, depending on your situation:
🔹 Alternative 1: You must own and occupy the home as your primary residence as of 12:01 a.m., January 1 of the current year.
🔹 Alternative 2: You may still qualify if:
- You recently bought or built a home after January 1.
- You moved in within 90 days of the change in ownership or new construction.
- The property is not already receiving the exemption or any greater tax benefit.
If your home received a smaller exemption before, the difference can be applied toward any Supplemental Assessment.
🏠 What Types of Homes Qualify?
This exemption is not just for traditional single-family homes. You can also qualify if you live in:
- A condo or co-op unit
- A mobile/manufactured home
- A houseboat
- A multi-unit building (you must occupy one unit as your primary residence)
- A cabana or licensed trailer on land you own
What doesn’t qualify? Secondary homes, vacation homes, vacant properties, or any dwelling you rent out will not be eligible for the exemption.
📌 How Do You Know If a Property Is Your Principal Residence?
To determine your principal residence, ask yourself:
- Where am I registered to vote?
- What address is listed on my driver’s license and car registration?
- Where do I return to after work most days?
Still unsure? Choose the home where you’ve spent the majority of your time this year.
🗓 Filing Deadlines
To get the full benefit, timing is key:
For Alternative 1:
- File by February 15 for the full $7,000 exemption.
- File between February 16 and December 10, and you’ll receive 80% of the exemption.
For Alternative 2: (Supplemental Assessments):
- File within 30 days of receiving the Supplemental Assessment Notice for the full exemption.
- File later—but before the tax due date—and 80% of the exemption may apply.
- Miss the deadline entirely? Unfortunately, no exemption will apply to that supplemental bill.
🚨 Important Reminder
If your home no longer qualifies (e.g., you move out or convert it to a rental), you must notify the County Assessor’s Office immediately. Failure to do so can result in a 25% penalty on the escape assessment.
Once granted, your Homeowner’s Exemption remains in effect until you move, sell, or otherwise change your residence status. If it lapses or is removed, you must file a new claim with your County Assessor to reinstate it.
📝 Take Action
If you're not sure whether your home qualifies—or if you're not currently receiving the exemption—don’t wait.
📞 Call your County Assessor’s Office (Los Angeles County: 213-974-3211) 💻 Check your local Assessor’s website for downloadable claim forms 📩 Or Ventura County Assessor's Office is (805) 654-2181.
If you’re buying, selling, or simply reassessing your real estate goals, I’m here to help guide you through every detail that can impact your finances—including the small ones that save you big.
Tina Lucarelli - Global Real Estate Advisor - DRE 02102354 - (310) 738-8089 - [email protected]
