LOS ANGELES (CNS) — Nearly 400,000 Los Angeles County homeowners have not yet taken advantage of potential tax savings, according to county officials.

The Board of Supervisors declared January Homeowners’ Exemption Awareness Month in an effort to educate residents about available property tax relief.

Assessor Jeffrey Prang said the exemption lowers a home’s assessed value by $7,000, reducing the tax bill by about $70. To qualify, the home must be the owners’ principal residence.

“Raising awareness of the Homeowners’ Exemption, which saves taxpayers money, is an important step forward,” Prang said.

For an exemption application and other information on property tax relief, homeowners can go to http://assessor.lacounty.gov.