Letter from attorney to opposing counsel requesting documentation concerning homestead exemption for change of venue motion.
Letter from attorney to opposing counsel requesting documentation concerning homestead exemption for change of venue motion.
The protected amount is called the “homestead exemption.” All homeowners automatically have a homeowner's exemption, which protects part of their equity from involuntary sales (foreclosures). Recording a declaration of ownership extends this protection to voluntary sales.
Maximum California homestead exemption adjusted for CPI (by year) YearMinimumMaximum 2023 $339,189.00 $678,378.01 2024 $349,712.99 $699,425.98 2025 $361,110.12 $722,220.23 2026 2 more rows •
This exemption is available to a single homeowner age 65 or older, or a couple filing a joint petition, if either or both are age 65 or over.
In 2024, the exemption ranges from a minimum of $349,720 to a maximum of $699,426, based on county median home sale prices. The increased number provides more substantial equity protection for homeowners, acknowledging the varying real estate values across the state.
California's Homestead Exemption is generous, but declaring a homestead protects equity for voluntary sales or refinancing Complete a homestead declaration form. Sign your declaration in front of a notary. Record the homestead declaration form with your county recorder's office.
Homeowners' Exemption versus Homestead Exemptions With an approximate 1% property tax rate, the exemption provides roughly a $70 annual saving off your property taxes. Homestead Exemption is a civil code provision, which may protect part of the homes equity from creditors.
You must occupy the dwelling as your principal residence as of January 1 of each year to qualify for the Homeowners' Exemption for that year.
This is a property tax savings program for those aged 55 or older who are selling their home and buying another home. Under Proposition 13, a home is normally appraised at its full market value at the time it is purchased.