If you own a home and occupy it as your principal place of residence on January 1, you may apply for an exemption of $7000 off of your assessed value.

 New property owners will automatically receive an exemption application. A Homeowners' Exemption will also apply to the supplemental assessment, if the prior owner did not claim the exemption. Call (213) 974-3211.

California Revenue & Tax Code # §218.  (a) The homeowners' property tax exemption is in the amount of the assessed value of the dwelling specified in this section, as authorized by subdivision (k) of Section 3 of Article XIII of the Constitution.  That exemption shall be in the amount of seven thousand dollars ($7,000) of the full value of the dwelling.
   (b) The exemption does not extend to property that is rented, vacant, under construction on the lien date, or that is a vacation or secondary home of the owner or owners, nor does it apply to property on which an owner receives the veteran's exemption.
   (c) For purposes of this section, all of the following apply:
   (1) "Owner" includes a person purchasing the dwelling under a contract of sale or who holds shares or membership in a cooperative housing corporation, which holding is a requisite to the exclusive right of occupancy of a dwelling.
   (2) (A) "Dwelling" means a building, structure, or other shelter constituting a place of abode, whether real property or personal property, and any land on which it may be situated.  A two-dwelling unit shall be considered as two separate single-family dwellings.
   (B) "Dwelling" includes the following:
   (i) A single-family dwelling occupied by an owner thereof as his or her principal place of residence on the lien date.
   (ii) A multiple-dwelling unit occupied by an owner thereof on the lien date as his or her principal place of residence.
   (iii) A condominium occupied by an owner thereof as his or her principal place of residence on the lien date.
   (iv) Premises occupied by the owner of shares or a membership interest in a cooperative housing corporation, as defined in subdivision (i) of Section 61, as his or her principal place of residence on the lien date.  Each exemption allowed pursuant to this subdivision shall be deducted from the total assessed valuation of the cooperative housing corporation.  The exemption shall be taken
into account in apportioning property taxes among owners of share or membership interests in the cooperative housing corporations so as to benefit those owners who qualify for the exemption.
   (d) Any dwelling that qualified for an exemption under this section prior to October 20, 1991, that was damaged or destroyed by fire in a disaster, as declared by the Governor, occurring on or
after October 20, 1991, and before November 1, 1991, and that has not changed ownership since October 20, 1991, shall not be disqualified as a "dwelling" or be denied an exemption under this section solely on the basis that the dwelling was temporarily damaged or destroyed or was being reconstructed by the owner.
   (e) Any dwelling that qualified for an exemption under this section prior to October 15, 2003, that was damaged or destroyed by fire or earthquake in a disaster, as declared by the Governor, during October, November, or December 2003, and that has not changed ownership since October 15, 2003, shall not be disqualified as a "dwelling" or be denied an exemption under this section solely on the basis that the dwelling was temporarily damaged or destroyed or was being reconstructed by the owner.
   (f) Any dwelling that qualified for an exemption under this section prior to June 3, 2004, that was damaged or destroyed by flood in a disaster, as declared by the Governor, during June 2004, and that has not changed ownership since June 3, 2004, shall not be disqualified as a "dwelling" or be denied an exemption under this section solely on the basis that the dwelling was temporarily damaged or destroyed or was being reconstructed by the owner.
   (g) The exemption provided for in subdivision (k) of Section 3 of Article XIII of the Constitution shall first be applied to the
building, structure or other shelter and the excess, if any, shall be applied to any land on which it may be located.
 

L.A. County Tax Assessor