What is a Homeowners Exemption?
The HOMEOWNER’S EXEMPTION is essentially a tax break for homeowners who own and occupy their primary residence (dwelling) on January 1. Homeowners are eligible to receive a reduction of up to $7,000 of the property s assessed value ($70 annual savings per year). What is considered a dwelling? A dwelling is defined as: A single family residence. A structure containing more than one living unit. A condominium or unit in a cooperative housing project. A houseboat. A mobile home. Land you own on which you live in a state-licensed trailer or mobile home. What are the time filing requirements? 1. If the claim is filed by 5:00 PM on February 15, the full $7,000 will be exempted for the upcoming (July 1 through June 30) fiscal year. If the claim is filed from February 16 through December 10 then 80% of the exemption (that is, a reduction of $5600) is available. 2. The HOMEOWNER’S EXEMPTION will also be applied to any supplemental assessments provided the claim is filed within 30 days following
The Homeowner’s Exemption is essentially a property tax break for homeowners who own and occupy their primary residence (dwelling) on January 1. Homeowners are eligible to receive a reduction of up to $7,000 off of the property’s assessed value (resulting in approximately a $70 to $80 annual savings per year).
