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The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse, disability, or other situations.
Homestead exemptions generally cannot be claimed on investment properties and second homes. When a homesteaded property changes ownership, the property tax often rises sharply and the property's sale price may become the basis for new exemptions and limits available to the new owner-occupant.
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Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking. Even further, other states have more moderate policies, with California's homestead exemption law providing between $300,000 to $600,000 of exempt equity in a homestead, depending on the county where the debtor is located. [2]
Part-year residents and nonresidents file California state income taxes using Form 540NR. California Gross Income. Gross income is the first test to determine whether you have to file a state tax ...