The Homeowners’ Exemption
Understanding California’s Homeowners’ Exemption: A Simple Way to Save on Property Taxes
As a California homeowner, you’re likely looking for ways to keep your property taxes in check. One small tool available is the Homeowners’ Exemption. Let’s dive into this quick guide to help explain what the exemption is, and how you get it?
The Homeowners’ Exemption reduces the taxable value of your primary residence by $7,000. This typically translates into a savings of $70-$100, depending on your county’s tax rate (around 1% in California, plus local assessments). It is a modest savings, but for anyone who owns and lives in their home as their primary residence, any little bit helps.
To claim the exemption, file Form BOE-266 with your county assessor’s office, verifying the home is your primary residence. In California, you typically need to submit by February 15 for the upcoming tax year, though some counties may accept late filings with partial benefits.
Provided below are the links for San Diego, Orange County, Riverside, San Bernardino and Los Angeles County. The process is simple: download the form from the county assessor’s website, complete it, and submit it. Once approved, the exemption applies annually as long as you live in the home.
At Living Trust Advisor, we can help you navigate this and other tax-saving steps. Contact Kristi Day at 858-519-2297 Kristi@LivingTrustAdvisor.com