What is a Homeowners Exemption?
If you own and occupy your home, you may be eligible for a homeowner’s tax exemption. This means that your property taxes would be calculated on the taxable value of your home less the amount of the exemption which is currently $7,000.00. This saves most homeowners approximately $70.00 per year, but the actual tax savings varies depending on the tax rate for your area. To see if you are already receiving the exemption, check your annual value notice or your property tax bill. The exemption appears as a reduction of $7,000.00 on both of these documents. How do I apply for the exemption? You may qualify for this property tax exemption if: • You own your property • It was your principal residence on January 1st • You do not already have a Homeowners’ Exemption • You submit a completed application to the county assessor’s office A Homeowner’s Exemption application is usually mailed to new property owners within 90 days of recording the deed. The deadline for filing is February 15th. A part
The most common type of exemption is the Homeowner’s Exemption for an owner-occupied residence. Homeowners who own and occupy a dwelling on January 1st as their principal place of residence are eligible to receive a reduction of up to $7,000 of the dwelling’s full cash value. The law provides that once you file a homeowner’s exemption claim and receive the exemption it is not necessary to file each year as long as you continue to own and occupy the residence on which the exemption is claimed. “Dwelling” means a building, structure or other shelter (including boats) constituting a place of abode, whether real or personal property.
