A regular homestead exemption from State and County taxes is available to legal residents having both OWNED and OCCUPIED their house on January 1st of the tax year.
Applications for exemptions are filed with the office of the Tax Commissioner of the county in which the property is located between January 1 and April 1 of the year following the closing. Once approved, applicants are entitled to claim partial exemption from property taxation which can amount to substantial annual savings for the homeowner. A natural person does not include corporations, limited liability companies, irrevocable trusts, or partnerships and as such, property held by those entities cannot qualify for homestead.
Who is entitled to Homestead Exemption?
Any person having both OWNED and OCCUPIED their house on January 1st.
Where do you file Homestead Exemption?
Applications for exemptions must file with the office of the Tax Commissioner of the county in which the property is located. The homeowner must go in person to the office.
When should you file Homestead Exemption?
A written application must be filed and the date of filing varies by county. The applicant must call the respective County Tax Commissioner’s Office to find out the time period for filing in that county. Typically, filings must take place between January 1 and April 1 of the year following closing.
What documents do you need in order to file Homestead Exemption?
The Warranty Deed or a copy of the closing statement may be required. The Tax Commissioner will furnish the forms for the application.
What questions will you need to answer upon filing for Homestead Exemption?
The property owner making the return will be asked these questions:
- Present and previous ownership
- Description of property
- Kind of title held
- Name of mortgage company, if applicable
- Amount of loan, if applicable