I just bought a home that had received homestead exemption for a number of years. Are my taxes going to increase significantly next year?
This year you may be benefiting from homestead exemption related benefits, including Save Our Homes capped value, accumulated by the previous owner. Your home will be assessed at full market value in the year following the sale. Any benefits that resulted from the Save Our Homes cap of the previous owner will be removed.
Related Questions
- I live in another state but I received a Homestead Benefit Application Packet for a vacation home that I own at the New Jersey shore. Am I eligible for a homestead benefit?
- I live in another state but I received a Homestead Rebate Application Packet for a vacation home that I own at the New Jersey shore. Am I eligible for a homestead rebate?
- I bought five cartons of cigarettes one week ago and I have only received one carton. What is going on?
