California Homestead Exemption Increase

By: Timothy McFarlin | Published: January 7th, 2010 | Category: Uncategorized

Effective January 1st of this year, amounts for homestead exemptions in California have increased; all by about $25,000. For individuals who are single, any real or personal property that you own (this may include but not limited to a house, mobile home, condo, boat, or stock cooperative), the exemption amount has increased to $75,000. For families/married couples (if no other member has a homestead), there was an increase from $75,000 to $100,000. Seniors (over 65 years of age), disabled persons, and anyone 55 years or older (and single) with a limited income of $15,000 or married and gross annual income under $20,000, the amount has gone up to $175,000. Also a separated but married debtor may claim homestead exemption if the other spouse is still occupying a community property.
Some other California exemptions that have changed are the low income exemptions for singles and married couples (married couples with 1 or fewer allowances has decreased to $11,130 and the exemption for married couples with 2 or more allowances has decreased to $22,261), and the personal exemption credit has decreased to $108 per allowance.

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