Property owners who occupy their homes as their principal place of residence on January 1 may be eligible for an exemption. The Homeowners' Exemption provides for a maximum reduction of $7,000 off the assessed value of your residence. This results in an annual Property Tax savings of approximately $70. The Assessor-County Clerk-Recorder's Office will mail a Claim for Homeowners' Property Tax Exemption application, as a courtesy, whenever there is a purchase or transfer of residential property. The deadline to file is February 16 to receive the full exemption. Any applications received between February 17 and December 12 will receive 80% of the exemption. Late filed exemptions will receive the full exemption after the first of the year. It is the homeowner's responsibility to file the application timely to qualify for the exemption whether or not the application was issued by the Assessor-County Clerk-Recorder or received by the taxpayer by the due date. There is no fee to file the application; it is a free service provided by the Assessor-County Clerk-Recorder. Once an application has been filed and granted, the Homeowners' Exemption will continue as long as you own and occupy the same residence. However, per California law a property owner is allowed to claim only one Homeowners' Exemption overall.