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.

The home must have been the principal place of residence of the owner on the lien date, January 1st. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located.

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.

Reduce the taxable value of your home: Homeowners who are 65 and older or 100% disabled can get $25,000 or up to 50% off their home value, whichever is greater, if they meet certain income and ownership requirements. Married couples can qualify even if only one partner is 65+ or disabled.

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. You may not double the exemption amount if you are married and filing jointly.

A homestead can protect the $50,000. There are two types of homesteads, automatic and declared.

Complete a homestead declaration form. Sign your declaration in front of a notary. Record the homestead declaration form with your county recorder's office.

As of January 1, 2024, the new minimum homestead exemption is $349,720 and the new maximum is $699,426. For Riverside County, the 2024 homestead exemption is $612,000. For San Bernardino County, the 2024 homestead exemption is $475,000.

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To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. Complete a homestead declaration form.Sign your declaration in front of a notary. To request an application to be mailed to you, please call our office at 919-856-5400. To request an application for exemption, please call our office at 919-856-5400. Buy a declared homestead form from an office-supply store, or download a form from the Registrar-Recorder's website. Applications are accepted from January 1 to June 1 of each year. The program is sometimes called the elderly or disabled homestead exclusion. Applicants must be 65 years of age or totally and permanently disabled as of January 1. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors.

Homestead Exemption In California In Wake

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