Posted on: 12th Aug, 2007 10:17am
Through homestead exemptions, you get some relief from paying taxes on your property. Usually, if you use your home as the primary residence, then you are eligible for these deductions. This lowers down assessed value of your property on the basis of which taxes are calculated. For example, say the appraised value of your house is $120,000 and the homestead exemption amount is $15,000, then taxes will be calculated on the property value worth of $105,000.
If you use your home as primary residence, then you can qualify for this deduction. The home should be your primary residence as on 1st January of the tax assessment year. In case you’re a disabled or if your age is more than 65, then you are not required to fulfill these criteria to get the benefits of deductions.
In order to get property tax relief, you need to file for homestead exemptions. Steps that you need to follow while doing so are listed below.
Eligibility criteria for homestead exemptions
If you use your home as primary residence, then you can qualify for this deduction. The home should be your primary residence as on 1st January of the tax assessment year. In case you’re a disabled or if your age is more than 65, then you are not required to fulfill these criteria to get the benefits of deductions.
Filing homestead exemptions
In order to get property tax relief, you need to file for homestead exemptions. Steps that you need to follow while doing so are listed below.
- You need to first obtain the homestead-exemption application form in your state. Here, it is to be noted that application forms vary from state to state. You can easily download the form and get a printout of it by visiting the website of the revenue department of your state. Otherwise, you can get the form by visiting the local tax office.
- You need to fill in the application form accurately. All the details should be filled in correctly.
- Finally, you have to file the application with your local tax office. In some states, you can file the application online too.
Does a homestead exemption mean you don't have to pay property taxes at all? For the year or forever? is it recurring?
Do most people qualify? Is it only for people who can't afford to pay their property taxes? What if parents had a homestead exemption but then they gave the house to their son?
Do most people qualify? Is it only for people who can't afford to pay their property taxes? What if parents had a homestead exemption but then they gave the house to their son?
Hi sharon,
You will not be able to get homestead benefits on both the properties. It will be available to you for your primary residence. You cannot get a homestead exemption for your second or investment property. If you abandon your primary residence, then you will lose the homestead exemptions. I would suggest you to contact an attorney and take his opinion regarding your situation.
Thanks
You will not be able to get homestead benefits on both the properties. It will be available to you for your primary residence. You cannot get a homestead exemption for your second or investment property. If you abandon your primary residence, then you will lose the homestead exemptions. I would suggest you to contact an attorney and take his opinion regarding your situation.
Thanks
if you dont pay your credit cards can a lien be put on your home if you have hoestead exemption
Not all of you qualify for a homestead exemption. To qualify for it, you should use your house as a primary residence. Moreover, you should reside on that house as on 1st January of that tax assessment year.