TAX SAVINGS FOR PROPERTY OWNERS Propositions, Exemptions and Exclusions 34 LOS ANGELES COUNTY OFFICE OF THE ASSESSOR HOMEOWNERS’ EXEMPTION Filing Date: January 1 – December 10 A property that is owned and serves as the primary residence for a homeowner may be eligible for a Homeowners’ Exemption. The Homeowners’ Exemption reduces a property’s taxable value by $7,000 and can reduce a property owner’s taxes by $70. DECLINE-IN-VALUE Filing Date: July 2 – November 30 A Decline-in-Value (also known as “Prop 8”) allows for a temporary reduction in a property’s assessed value. This occurs when the current market value of a property is less than the assessed base-year value as of January 1. PARENT TO CHILD AND GRANDPARENT TO GRANDCHILD EXCLUSION Filing Date: Within 3 years of transfer Parent(s) and child(ren) may transfer a principal residence to one another, (or up to $1 million of other real property) without reassessment. Grandparent(s) may transfer a principal residence to their grandchild(ren), (or up to $1 million of other real property) without reassessment in circumstances when the grandchild’s parents are deceased as of the date of the transfer. To qualify, a completed application must be filed within three (3) years of the transfer, or before the property is sold to a third party, whichever comes first. SENIOR CITIZEN’S REPLACEMENT DWELLING Filing Date: Within 3 years of purchase of new property Seniors (at least 55 years of age) may qualify to transfer the taxable value of an existing residence to a replacement residence in a participating county, if the market value of the replacement is less than or equal to the market value of the existing residence.