What is Homestead Exemption?

Homestead Exemption is the process of excluding a portion of your home’s value that allows you to save on property taxes. The amount you will owe in taxes is based on the difference between your home’s value and the exemption amount. In order to qualify, homeowners must submit an application on or before the deadline of April 1, 2018. Homestead Exemption only applies to specific legal residences and is not applicable to rentals, vacant land, or more than one property.

Claiming Your Exemption.

Homestead Exemptions vary from state to state, and each submission may be subjected to request of proof of ownership, social security number, driver’s license, car tag information, and/or Deed Book. Follow your respected link below for more information on filing for Homestead Exemption on your property.

This information is provided to you by Zacks Finances.