The Homestead Exemption is an essential law for homeowners to know, especially those who are retiring or who have a disability. Many people need to be made aware of what it is and what it means for them. It’s also worth noting that the exemption isn’t just limited to senior citizens and disabled individuals. Other groups also fall under its jurisdiction, including blind and disabled veterans. Regardless of your circumstances, though, the benefits of the homestead exemption should be noticed.
Disabled Veterans
A property tax exemption is a benefit that is granted to certain homeowners. It is available in most states in the U.S. The Homestead Exemption is one such property tax benefit. However, the benefits differ from state to state. For example, in Ohio, a disabled veteran is entitled to a homestead exemption of up to $50,000.
A veteran must be a permanent state resident to qualify for the exemption. The exemption is based on the disability rating of the veteran. A disability rating can be either a permanent or a total one. To apply, a disabled veteran must visit the county assessor’s office.
Homestead real estate can be exempted from taxation if the home is the residence of an honorably discharged veteran who has a service-connected total and permanent disability. The surviving spouse of a qualifying veteran may also be eligible for an exemption.
There are other homestead exemptions available to Veterans. These exemptions include the Specially Adapted Housing (SAH) grant. If a disabled veteran has received a SAH grant, they are also eligible for the Homestead Exemption for Disabled Veterans.
The Disabled Veterans’ Standard Homestead Exemption applies to veterans with a disability of at least 10%. This is an exemption that decreases the Equalized Assessed Value of the home.
Alternatively, a veteran can qualify for the 100% Disabled Veteran Homestead Exemption. For this exemption, the veteran must be completely disabled in one or more limbs. They must be 62 years of age or older.
Applicants must have documentation that the disabled veteran has a service-connected disability. Applicants must also be able to verify an honorable discharge by providing official discharge papers. A disabled veteran without previously receiving a SAH grant is not eligible for an exemption.
Blind and Disabled
In some states, you can qualify for a Homestead Exemption if you are blind or disabled. This is a nice perk because it can reduce your property tax bill by a significant amount. Depending on your state, it can range from a few hundred dollars to a few thousand.
The amount of money you can save on your property taxes will depend on the size of your home and the type of disability you have. If you are a disabled homeowner, you can receive a tax exemption of $20,000. However, you will have to be willing to move and live in the same area for at least three years to qualify.
In addition to a property tax exemption, you might qualify for a special assessment if your income is below a certain threshold. Luckily, several state and local programs are designed to help eligible homeowners reduce their property tax bills.
For blind or disabled homeowners, the State of Florida offers a blind person’s homestead exemption. You’ll need to be a Florida resident, legally blind, and own your home on a recorded contract.
Another tidbit is that you can qualify for a $500 Blind Person’s Exemption in Florida. However, this is not an automatic qualification, as you must apply yearly.
As with any other exemption, you should check with your appraisal district and Florida homestead exemption information to see if you qualify. Remember that you must provide proof of your disability to the appraiser before you get your homestead exemption.
The best part is that you only have to reapply every year. Unless your disability changes, your home will remain exempt from property taxes until you pay them in full.
Seniors
If you are a senior citizen and own property, you may qualify for a homestead exemption. You must be 65 years old to qualify for this benefit in most states.
Your home’s appraised value will be reduced by up to 50%. To find out if you are eligible, visit your local government’s website or call them. You will typically be required to fill out a form and submit proof of age and income.
There are also alternative exemptions, such as the Tax Freeze Homestead Exemption, which allows you to receive tax savings without paying taxes. Usually, you do not need to file a new application each year, but you do need to notify the Assessor’s Office within 60 days of any changes to your information.
The most important part of a homestead exemption is the amount you can save on property taxes. This will vary by state and city. However, you can expect at least $385 in savings in most cases.
In addition to lowering your property taxes, you can apply for a partial or complete tax exemption for your senior citizen status. Most states have websites with this information.
Some states have their forms for the exemption. These include the long form and the short form. Depending on your situation, you may be required to provide more than just a certificate of occupancy. For example, you may be asked to supply a copy of your social security application.
Generally, you can only qualify for one exemption per property. However, some jurisdictions offer more generous exemptions. It’s always best to check with your local government’s office to see if they offer any special programs for your specific needs.
