What is a Homestead Exemption
The deadline for filing for your Homestead Exemptions is March 1st for many counties.
Homestead Exemption is a tax reduction for homeowners who make their property their permanent residence. If approved, this exemption could reduce the taxable value of your residence by up to $50,000. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 of exemption excludes School Board taxes and applies to properties with assessed values between $50,000 and $75,000. As a result, the homeowner would get a substantial savings on their property taxes.
Homeowners must file an initial application once they have moved into the property. The Homestead Exemption will be automatically renewed each year and a renewal receipt will be mailed to them as long as NO changes have occurred to their exemption status. (i.e. mailing address, marital status, etc.)
Other Types of Exemptions: Senior (amounts vary), Widow’s/Widower’s ($500), Disability ($5,000), Blind , and Disability.
The type of exemption benefiting the largest number of property-owners is the homestead exemption. If you own property which you use as your primary residence as of January 1, you may apply for homestead exemption. . This will reduce the taxable value of your home up to $50,000, resulting in substantial savings on your property taxes.
Originally posted to Blog on 2/9/2012