Let’s go over how the Residential Homestead Exemption can save you money.
Are you aware of the significant savings you could enjoy on your property taxes through the Residential Homestead Exemption? This state-provided opportunity is a valuable tool for homeowners to lighten the burden of property taxes. Let’s delve into the details to ensure you don’t miss out on potential savings.
Not all homes qualify for this exemption—only a homeowner’s principal residence is eligible. To qualify, homeowners must be individuals who use the property as their primary residence as of January 1st of the tax year.
Residential homestead exemptions offer a variety of ways to save, including reductions in school taxes, county taxes, municipal utility district (MUD) taxes, and even live taxes. Additionally, exemptions are available for individuals aged 65 and over or those with disabilities. To find out which exemptions apply in your area, check with your local county.
Recent legislative changes have expanded the benefits of homestead exemptions. Increased exemption amounts and the ability for homeowners to apply for the exemption in the same year they purchase their home provide added advantages. Stay informed about these changes and take advantage of this opportunity to save on your property taxes.
Visit your local county appraisal district website for detailed information on applying for the residential homestead exemption. Keep in mind that t here may be specific requirements and deadlines, so be proactive in exploring the details.
If you have any questions or need assistance navigating the application process, don’t hesitate to reach out to us by phone or email. We’re here to help you make the most of the Residential Homestead Exemption and ensure you save on your property taxes.
