Are You Claiming Your Homeowner’s Tax Exemption?

With tax season upon us, I like to ask my clients if they are taking advantage of the Homeowner’s Tax Exemption.  What is it, you ask? It is a way to reduce the taxable value of your home by $7000, if you own and occupy it. If you qualify, 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.

You may check to see if you are already receiving the exemption by looking at 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 partial exemption is available if the application is filed between February 16th and December 10th.

Once you have filed for the exemption and you continue to own and occupy the residence, you will automatically continue to receive the exemption. You may be required to re-apply if you change the way in which title to your property is held.

For additional information, contact the assessor’s office for the county in which your property is located: