Page 28 - Loading

Homestead Exemption: Huge Increase in Homestead Exemption Amount
Increases the homestead exemption to $300,000 or the countrywide median sale price of a single-family home whichever is greater (not to exceed $600,000).
Existing law provides that a specied portion of equity in a homestead is exempt from execution to satisfy a judgment debt and prescribes that the amount of the homestead exemption is either $75,000, $100,000, or $175,000, depending on certain characteristics of the homestead’s residents.
This new law instead makes the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed $600,000. These amounts must be adjusted annually for ination.
Assembly Bill 1885 is codied as Code of Civil Procedure Section 704.730.
Eective January 1, 2021.
26 The Greater San Diego Association of REALTORS®