The homestead exemption process got a little more complicated this year due to some additional requirements.
First of all, let me explain what the homestead exemption is:
So, what IS a homestead exemption?Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $50,000 and you qualify for a $15,000 exemption, you pay taxes on your home as if it was worth only $35,000.
And these are the changes that went into effect in 2012:
Changes in Property Tax Law
You must submit the following items in addition the Application for Residence Homestead Exemption in order to qualify:
The address on your driver's license or state ID must match the physical address of the residence on your application.
The address on your vehicle registration must also match the physical address of the residence on your application.
And finally some useful links including a guide to the process courtesy of Austin Title:
Some Useful Links
If you have any questions just post a comment or shoot me an email at firstname.lastname@example.org. Have a great 2012!!
Broker Associate, Realtor®, BPOR, GREEN