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What’s A Homestead Tax Exemption?

Many new Homeowners know that property taxes can be pretty hefty expenses. Thankfully, there are currently 46 states that offer homestead tax exemptions to residents. These can help take away much of the stress you may have been feeling about your property taxes.

So How Do Property Taxes Work?

Property taxes can be confusing if you aren’t familiar with them. Basically, your home’s value is calculated, and then your property tax rate is set based on your home’s current value.

Your property taxes can change each year, too. The tax authorities in your area can decide the tax rate they see fit based off of your city’s needs. In some cases, they will let the Homeowners vote on rate changes, and in other cases they will allow some input from residents but that input will not decide the final outcome.

How Do Homestead Exemptions Work?

Homestead Exemptions will take away a set amount or percentage of your home’s current property tax amount. Like the term “Homestead” suggests, these exemptions are only available for primary residences and not rental or investment properties. You, the owner, must personally live in this residence. The deadline to receive your tax exemption for 2017 is March 1st, 2018.

Where Do I Sign Up?

Each county has a different locations that you can register for Homestead Tax Exemptions. Be sure to check online for your county’s location. Generally, you will go to the Property Appraiser’s Office.

*Before you go in, don’t forget to download the application off of the county website.