The Homestead Protections Exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner spouse. Such types of laws are found in the statutes or the constitution of many of the states in the United States.
How does a Homestead Exemption Work?
The homestead exemption allows you to save on property taxes by allowing you to exclude a portion of your home’s value from assessment. The amount of tax you owe is calculated based on the difference between your home’s value and the exemption amount.
What Qualifies for Homestead Exemption?
Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes, in addition to the $25,000 exemption for all homeowners.
Do I qualify for the Homestead Exemption?
If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption. School taxes: All residence homestead owners are allowed a $25,000 homestead exemption from their home’s value for school taxes.