Exemption Form Homestead Withdrawal In California
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FAQ
It provides a legal shield against creditors, preserves your home equity, and offers peace of mind in an unpredictable world.
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.
Obtain the claim form from the County Assessor's office where the property is located. Submit the completed form to the same office. Once the exemption has been granted, it remains effective until a change in eligibility occurs, such as selling or moving out of the home. Annual filing is not required.
Eligibility Requirements: Homeowners must be age 55 or better (For married couples, only one spouse must be 55 or better to qualify.) Homeowners must have sold their former residence within 2 years of purchasing the replacement property. Both the former and replacement properties must be the owner's primary residence.
There are 2 ways to get tax-exempt status in California: Exemption Application (Form 3500) Download the form. Determine your exemption type , complete, print, and mail your application. Submission of Exemption Request (Form 3500A) If you have a federal determination letter:
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.
It also offers relief on property taxes by reducing the taxable value of your home. The recent legislation, Assembly Bill 1885, significantly increased the California homestead exemption amounts. 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 California Revenue and Taxation Code provides homeowners with a $7,000 reduction in the taxable value of a qualifying owner-occupied residence for purposes of computing the annual property tax assessment. With an approximate 1% property tax rate, the exemption provides roughly $70 in annual property tax savings.
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.
Obtain the claim form from the County Assessor's office where the property is located. Submit the completed form to the same office. Once the exemption has been granted, it remains effective until a change in eligibility occurs, such as selling or moving out of the home. Annual filing is not required.
