Welcome to the New Year! Filling out forms probably wasn't part of your New Years resolutions, but the time has come to file your Homestead Exemption forms.
The homestead exemption lowers your property taxes, by subtracting a portion of your property value from the taxation. These amounts vary based on circumstance and county taxes, but can add up to as much as $25,000.
However, there are a few conditions:
You must be a surviving spouse
You must own and occupy the property
The home must have been purchased prior to January 1
Applications must be filed between Jan. 1 - Apr. 30 of the tax year
If you meet the above requirements, we strongly encourage you to apply. For those who qualify, it's a great perk of owning a homestead and can save you a significant amount of money on taxes.
In addition to the basic homestead exemption, additional homestead exemptions exists for those who are disabled or over 65 years of age.
The purpose of the homestead exemption is to ensure that surviving spouses have a place to live, by alleviating some of the financial hardship that accompanies loss. The homestead also grants additional protection from creditors, excluding residents from forced home sales.