Homestead exemption is a method of shielding part of your property from taxation. In most states, the homestead exemption allows homeowners to only be taxed on the value of their home up to 75 percent. The homestead exemption is available to homeowners and their primary residences. If a homeowner owns two properties, he is only eligible to take the homestead exemption on the primary residence.
Obtain a homestead exemption application from your local tax office or online through your state’s Department of Revenue.
Fill out the homestead exemption application form. Each state’s application is different, but all require the same basic information, which includes your personal information, property information and the signature of the homeowner or homeowners if the home is in two names.
File the form with your local tax office. It can be mailed or delivered. All homestead exemptions must be filed on or before Apr. 1 to be effective.
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