22 LOS ANGELES COUNTY OFFICE OF THE ASSESSOR We are Saving Taxpayers Money The Homeowners’ Exemption is available to every residential property owner in Los Angeles County and offers a reduction of $7,000 on the assessed valuation of the home. While many homeowners have signed up for this exemption, over 435,000 (1 in 3) taxpayers have not applied, leaving over $30 million unclaimed each year. Tax savings for homeowners begin when an application is approved. There is no need to reapply each year, as the $70 per year savings will continue until a change in ownership or reassessment occurs. To qualify for the exemption, the home must be the primary residence as of January 1. The application deadlines are February 15 to receive the full $7,000 exemption and December 1 for 80% of the exemption. AN ANNUAL SAVINGS OF $70 CAN BUY: 25 gallons of gasoline 2 gallons of paint 1 dinner+ movie 26 cups of coffee