Have you or a loved one bought a new house in the past year, or are looking to buy in the future? If you said “yes,” there is something you should be aware of – the homestead exemption! Is this phrase foreign to you? Don’t fret; I’ve gathered all the answers and resources you need for a basic understanding of the concept.
You might have heard the term homestead exemption before, but may not fully understand what it means. Lucky for you, I have the answers. A homestead exemption allows the homeowner to remove a portion of their home’s value from taxation – therefore lowering their property taxes. Once you have filed, the exemption saves you money until you sell the house and take up residence in another property or an appraiser from the district formally requests you to re-apply.
How do you apply?
It’s easier than it may seem! Depending on the county, you can apply in person, by mail or online. Applications are open from January 1st through April 30th and apply to that year’s taxes.
How do you know if you qualify?
A tax break comes with specific requirements. First, the home must be your primary residence – the address must match that of the one on your driver’s license. Second, you must have bought your house before January 1st of the current tax year.
Worried you are not prepared or able to successfully apply for your homestead exemption? Contact me today, and I can guide you through this process and save you or your loved ones money for years to come.