You may very well be eligible for a homeowner’s exemption on your supplemental tax bill. Exemptions, however, are not granted automatically. You must apply to the Assessor before 30 days following the date of the notice from the Assessor of your supplemental assessment. As long as the home you purchased did not receive the homeowner’s exemption on the current year’s assessment, and as long as you occupy the home as your principal residence within 90 days of the purchase date, you would be allowed the full amount ($7,000) on the supplemental assessment. If your newly purchased home did receive the full homeowner’s exemption, however, you would not be able to receive the exemption on your supplemental assessment.
On May 29, 2003 you purchase a home on which no homeowner’s exemption had been allowed. Because you are reassessed on the first day of the month following an ownership change, in the current Fiscal Year you will pay supplemental taxes for the one remaining month. Your 2002-03 supplemental assessment amounts to $20,000. If you file for and qualify for a homeowner’s exemption, the entire $7,000 exemption amount would be deducted from the supplemental assessment BEFORE the taxes are calculated.