QNB Trust Blog

Homestead Exemption - What it is and how you file

Published on September 11, 2023

Homestead Exemption - What it is and how you file

A homestead exemption is a legal provision that reduces the property taxes you pay on your primary residence. This exemption allows homeowners to shave off a portion of their property’s assessed value, which in turn lowers the amount of property taxes that they owe.

To file for a homestead exemption, you need to meet certain eligibility criteria and submit an application to your local tax assessor’s office. These criteria vary from state to state, but generally, you must own and occupy your home as your primary residence on January 1st of the tax year you are applying for.

In addition to this, there may be other eligibility criteria, such as income limits or age requirements, that you need to meet to qualify for a homestead exemption.

To apply for a homestead exemption, you will need to provide documentation that proves you meet the eligibility criteria. This may include your driver’s license, voter registration card, and other forms of identification.

Overall, a homestead exemption can provide significant tax savings for homeowners who meet the eligibility criteria. It is worth researching the specific rules and requirements in your state and filing an application if you believe you are eligible.

Hopefully, this information helps a few people save a little money next tax season. If you know a new homeowner, please let them know how they can save money with a Homestead Exemption. And if you need anything from us, your local, community bank, please always feel free to reach out on our Contact Us page.

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