Property tax home owners exemption

Since 1974, the California Constitution has offered homeowners financial relief from the high cost of housing through the Homeowners’ Exemption (HOX). The exemption automatically reduces a home’s assessed value by $7,000 if the home is the owner’s primary residence as of January 1. That translates to a property tax savings of $70 annually, which is reflected on the homeowner’s property tax bill. To receive the full benefit of this exemption, the deadline to apply is February 15. However, if the deadline is missed and a HOX claim is filed later this year, the savings may be prorated for this tax year, and in subsequent years receive the full benefit. After the initial approved application, the savings are automatically reflected annually on the secured tax bill (meaning the homeowner does not have to reapply each year). The exemption remains on the property until it is no longer the primary residence, or until there is a change to how title is held on the property (such as a sale), or until the property is no longer the owner’s primary residence (becomes a rental, vacation home, etc.).