Property Tax Exemptions
This is a list of the most common homestead exemptions available to property owners. Please review these, they could mean a tax savings to you as a property owner.
General Homestead Exemption is better known as the Owner Occupied Exemption. This exemption allows for a reduction up to $6,000 off of the equalized assessed value (EAV). The amount of the exemption is calculated by comparing the 1977 EAV with the current EAV. If the EAV has increased since 1977 the amount of increase is your exemption amount up to $6,000. MUST OWN AND OCCUPY THE PROPERTY AS YOUR PRIMARY RESIDENCE AS OF THE TECHNICAL ASSESSMENT DATE AND BE RESPONSIBLE FOR PROPERTY TAXES.
Senior Citizen Homestead Exemption – Homeowners age 65 or older and living in their own home could be entitled to an additional homestead exemption. The homeowner should sign up for this exemption during the year in which he or she will turn 65. You will receive a renewal every year around January 1st. This exemption allows a reduction $5,000 in EAV. YOU MUST MEET THE REQUIREMENTS OF THE GENERAL HOMESTEAD IN ADDITION TO BEING 65.
Senior Citizens Assessment Freeze Homestead Exemption – This exemption allows you to have the assessed value of your residence “frozen” at a base value. The amount of exemption is the difference in your base amount and your current EAV. Your base amount may change if you add improvements to your home. IT DOES NOT FREEZE YOUR TAXES! You will annually receive an application along with your standard Senior Citizen Homestead Exemption. TO QUALIFY YOU MUST BE 65 YEARS OF AGE OR OLDER, YOU MUST OWN AND OCCUPY AS YOUR PRIMARY RESIDENCE AS OF JANUARY 1ST OF THE YEAR YOU ARE APPLYING AND AS OF JANUARY 1ST OF THE PRIOR YEAR, BE RESPONSIBLE FOR PROPERTY TAXES AND MEET HOUSEHOLD INCOME GUIDELINES. FOR THE 2023 APPLICATION YOUR 2022 HOUSEHOLD INCOME MUST BE $65,000 OR LESS.YOU DO NOT QUALIFY FOR THIS EXEMPTION IF YOUR PROPERTY IS ASSESSED UNDER THE MOBILE HOME PRIVILEGE TAX.
Homestead Improvement Exemption – The Home Improvement exemption is allowed for improvements to your primary existing residential property or rebuilding of residential structures following a catastrophic event. Improvements such as a new garage, room addition, decks, etc. could qualify. This exemption is limited to a maximum of $75,000 per year in fair cash value and continues for four years from the date the improvement was completed. YOU MUST ALSO MEET THE REQUIREMENT OF THE GENERAL HOMESTEAD TO BE ELIGIBLE.
Homestead Exemption for Persons with Disabilities – The Homestead Exemption for Persons with Disabilities provides an annual reduction of $2,000 in EAV. Homeowners that meet certain Disability Requirements may qualify for this benefit. THE PROPERTY MUST BE OCCUPIED AS THE PRIMARY RESIDENCE BY THE DISABLED PERSON. THEY MUST BE THE OWNER OF RECORD, BE RESPONSIBLE FOR PROPERTY TAXES, AND HAVE A DISABILITY DURING THE ASSESSMENT YEAR.
Returning Veterans Exemption – This exemption provides a $5,000 reduction in the veteran’s EAV for two consecutive years, the tax year and the following year the veteran returns from active duty in armed conflict involving the armed forces of the United States. THE RETURNING VETERAN MUST OWN THEIR HOME, BE RESPONSIBLE FOR PAYMENT OF TAXES AND USE THE HOME AS THEIR PRINCIPLE PLACE OF RESIDENCE.
Standard Homestead Exemption for Veterans with Disabilities – This annual exemption provides a reduction in the equalized assessed value of a primary residence occupied by a veteran with a disability or the veteran’s surviving spouse, during the assessment year. The SHEVD amount depends on the percentage of the service-connected disability as certified by the U.S. Department of Veterans’ Affairs and the portion of the year the disabled veteran or the un-remarried surviving spouse occupied the property. • Veterans or surviving spouses of veterans with at least 30% service-connected disability, but less than 50%, will receive a $2,500 annual exemption. • Veterans or surviving spouses of veterans with a service-connected disability of 50%, but less than 70%, will receive a $5,000 annual exemption. • Veterans or surviving spouses of veterans with a service-connected disability of 70% or more will be exempt from paying property taxes on their primary residences. NOTE: NEW LEGISLATION IN 2018 MADE THIS EXEMPTION PRORATABLE!!!!
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