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Homestead Exemption Saving Home Owners $$$$

If you buy a home in 2022, you have a way to potentially lower your property’s taxable value and save thousands on your property taxes. It’s called a homestead exemption, and it removes part of your home’s value from taxation.

A new law effective January 1, 2022, provides property-tax relief by allowing homebuyers to file for homestead exemptions in the year when they purchase the property, provided it is their primary residence. Previously, new homeowners had to wait until the following year to file for the exemption.

What if you bought your home in 2021? If it is your primary residence as of January 1 this year, you have until April 30, 2022, to file your homestead exemption.

How to do it, no matter what?

Check directly with your appraisal office for all the particulars, but here are the two main steps:

VERIFY that the property’s ownership change is reflected on the tax rolls by contacting your county appraisal-district office or using the property-search feature available on all appraisal-district office websites.

DOWNLOAD the Application for Residential Homestead Exemption form from your appraisal district’s website. Complete it, then follow the mailing instructions specific to your county. Contact your county’s appraisal district to see if you are able to file online.

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