Here are the simple steps for filling a Homestead Exemption
Can I reduce my property taxes as a homeowner?
Absolutely! You can apply for a "homestead exemption" on your primary home. This helps lower your taxes by taking a chunk off your home's value before they calculate what you owe. So, if your home is worth $300,000 and you qualify for a $100,000 exemption, your taxes will be based on $200,000. Sometimes you might even get an extra exemption of up to 20% off!
Do all homes qualify for a homestead exemption?
Not all homes, just the ones you own and stay the majority of the time. To get it, you need to be a person (not a business) and use the home as your main place to live starting on January 1 of the tax year. If you're 65 or older or have a disability, you can get this tax break starting January 1 of the year you qualify, and it lasts for the whole year.
What can be considered as a primary home?
It's the place you own and live most of the time, whether it's a house, apartment, or manufactured home on land you own or lease. You can even have up to 20 acres of land as part of your primary home if you use it for residential purposes.
What different tax breaks are there for primary homes?
There are a few:
- School taxes: Everyone with a primary home gets a $100,000 break for school taxes.
- County taxes: If your county has extra taxes for things like roads or flood control, you might get $3,000 off. If the county has a special deal for people aged 65+ or with disabilities, you may get the local-only exemption.
- Age 65+ or disabled breaks: If you're 65+ or have a disability, you can get a $10,000 break for school taxes on top of the $100,000 everyone else gets. If you qualify for both, you have to choose one.
- Percentage breaks: Your city, county, school, or special district might offer to take off up to 20% of your home's value. But it can't be less than $5,000. They decide this by July 1 of the tax year.
- Extra age 65+ or disabled breaks: Some places might give you at least $3,000 more off if you're 65+ or have a disability.
How can I get the $100,000 homestead exemption?
To get that $100,000 break, just fill out a form called "Application for Residential Homestead Exemption" and submit it, along with some papers, to the local appraisal district where your place is. Once you're approved, you usually don't have to do it again unless they ask. If you move or don't qualify anymore, tell them in writing before May 1. You can find their contact information online.
When is the last day to apply?
You must send your application by April 30 of the tax year you want the break for.
Do I still qualify for a homestead exemption if I temporarily move away?
Yes, you can, as long as you have submitted the required application and documents before April 30 of the financial year.
With Bezit, you can easily apply for Homestead Exemption online in five minutes, track your application status, and even receive reminders for deadlines to ensure you never miss out on potential savings.
Learn how Evan used Bezit to apply for a homestead exemption and saved $18,000 on his taxes. He found Bezit's process simple and cost-effective.