What is a homestead exemption program?

A homestead exemption program is a type of property tax law in California that offers a certain amount of tax relief to homeowners. It is designed to help lower the amount of property taxes for residents who own their homes. The exemption is calculated based on the assessed value of the home and is applied to the total amount of taxes due. For example, the exemption in California may be up to $7,000 in assessed value of a home. This means that, if your assessed value is $200,000, the total amount of taxes due would be reduced by up to $7,000. Depending on the county, the exemption amount may vary by other factors such as income and age. Homestead exemptions are available for primary residences only and are not applicable to second homes or rental properties. In addition, some counties may offer additional exemptions available to seniors, veterans, and those with disabilities. These additional exemptions may result in a further reduction of the amount of taxes due. Homestead exemptions can provide a great benefit for those who qualify by significantly reducing their total property tax burden.

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What is a homestead exemption program?

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