California passed a bill amending the amount of the state’s homestead exemption. Under the bill, the homestead exemption is now the greater of the countywide median sale price for a single-family home in the year prior to the year in which the exemption is claimed (not to exceed $600,000), or $300,000. Beginning on January 1, 2022, the homestead amounts must adjust annually for inflation based on the change in the annual California Consumer Price Index for All Urban Consumers for the prior fiscal year. Previously, the homestead exemption was $75,000, $100,000 or $175,000 depending on various factors. The bill becomes effective January 1, 2021.
See California State Legislature website for the full text of the Statute: http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB1885
