If your new property is your primary residence, then you may qualify for a homestead exemption. The exemption will reduce the assessed value of your property for tax purposes, so you’re taxed only on a portion of the value of your home.
In many cases, homestead exemptions are based on a percentage of value or a set amount, whichever is less. For example, if the tax assessor values your home at $250,000, but your exemption allows for the lessor of 10% of assessed value ($25,000 in this case) or $45,000, you will be taxed on a $225,000 value.
Homestead exemption statutes vary by state and even by local jurisdiction. Exemptions typically are allowed to homeowners who were living in their homes as of January 1 of the tax year. Extra exemptions may be available for senior citizens, disabled veterans and other groups. In many cases, you need to apply for the homestead exemption before an early spring deadline. The exemption often automatically renews in subsequent years.
How do you find out the specifics? I’m familiar with many of the rules in our area, so I’ll be glad to help you. For the most comprehensive answers, you can consult your tax advisor or your local tax assessor’s office.
Author:Carlos DeJesus Phone: 407-818-6868 Dated: January 24th 2019 Views: 118 About Carlos: Carlos De Jesus Represents, Integrity, Energy, Hard Work and Creative Service in every detail of you...
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