A homeowner's exemption is a benefit to homeowners who occupy the property as their principal residence as of January 1st of any given year. The home must have been the principal place of residence of the owner on the lien date, January 1st.As of January 1, 2021, the California homestead exemption is a minimum of 300,000 dollars, but can be as high as 600,000 dollars. Download PDF BOE-266 REV. You must be the property owner, co-owner, or a purchaser named in a contract of sale. 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. To qualify for the total homestead exemption, you must have owned a home in California for at least 1215 before filing for bankruptcy. However, the automatic exemption only protects the homeowner's equity in the property under a forced sale due to the request of a creditor. Land, improvements to land, possessory interests, aircraft, boats, race horses and business equipment are some of the more common property types. Homesteading protects primary residences up to the median home sale price for the previous year in the county where the home resides.