The exemption is allowable to an occupant who is a trustor under an irrevocable trust. 5. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located.A key distinction too is that the exemptions still apply when there is a mortgage on the property or even if they are in a living trust. Buy a declared homestead form from an office-supply store, or download a form from the Registrar-Recorder's website. To qualify for the homeowners' exemption, the home must have been the principal residence of the owner as of January 1 of that tax year. These exemptions apply regardless of whether the principal residence is owned outright or in a living trust. A Declaration of Homestead must be completed, signed, and notarized, in order to be recorded in the Clerk-Recorder's Office. These exemptions apply regardless of whether the principal residence is owned outright or in a living trust. A "homestead exemption" protects part of a home's value (or in a couple of states, all of its value) from being sold to meet the demands of creditors. What's the difference between Homeowners' Exemption vs Homestead Exemption in the state of California?
