Homestead Standard Deduction
Principal residence; qualifying owner, recorded-contract buyer liable for taxes, cooperative tenant-stockholder, or qualifying trust beneficiary. The cited report describes eligibility; current deduction amounts are not asserted.
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Official eligibility and application
Eligibility source
The deduction from assessed value may be claimed by an individual who: 1. owns the residence; 2. is buying the residence under contract, recorded in the county recorder’s office, that provides that the individual is to pay the property taxes on the residence; 3. is entitled to occupy the residence as tenant-stockholder of a cooperative housing cooperation; or 4. is a qualifying individual and the residence is owned by a qualifying trust.
Official source. Last verified 2026-10-24.