California Code of Civil Procedure 704.730 – (a) The amount of the homestead exemption is the greater of the …
(a) The amount of the homestead exemption is the greater of the following:
(1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000).
Terms Used In California Code of Civil Procedure 704.730
- debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
- Homestead: means the principal dwelling (1) in which the judgment debtor or the judgment debtor's spouse resided on the date the judgment creditor's lien attached to the dwelling, and (2) in which the judgment debtor or the judgment debtor's spouse resided continuously thereafter until the date of the court determination that the dwelling is a homestead. See California Code of Civil Procedure 704.710
(2) Three hundred thousand dollars ($300,000).
(b) The amounts specified in this section shall adjust annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers, published by the Department of Industrial Relations, Division of Labor Statistics, for the most recent one-year period ending on December 31 preceding the adjustment, with each adjusted amount rounded to the nearest twenty-five dollars ($25).
(Amended by Stats. 2023, Ch. 478, Sec. 15. (AB 1756) Effective January 1, 2024.)