Assessor Prang Urges Homeowners to Apply for $7000 Homeowner’s Exemption

Family in front of homeThe Homeowners Exemption applies to homes that serve as a principal place of residence and amounts to a $7000 deduction from the home's assessed value, saving taxpayers approximately $70 per year.

The Assessor's Office estimates that nearly 400,000 homeowners are still eligible but fail to take advantage of these savings. This exemption can be especially beneficial to low-income homeowners and people on fixed incomes.

While $70 may seem inconsequential to some, over a 10-year period, it amounts to $700 – roughly the price of a new water heater. The Assessor also warns residents against fraudsters who offer to file an exemption for a fee. There is no filing fee and no need to re-apply once qualified and Assessor Prang’s office is happy to help homeowners with the process. For additional information, please visit the Assessor’s website at the following link: https://assessor.lacounty.gov/homeowners-exemption.

 

NOTE: This information is not intended as a complete guide regarding property tax laws. Information here has been derived in part from written and oral opinions from the California State Board of Equalization.