Have you filed for your homestead tax exemption? If you have not, you are not alone. I am sure that someone probably mentioned it to you on the day you closed on your home and now you are thinking, I remember someone saying something about this!
A homestead exemption gives you tax breaks on the amount you pay for property taxes in the CSRA.
Most mortgage loans are equipped with an escrow account which pays these taxes for you automatically. I think this is why we so often neglect to follow through and set it up. It falls into that out of sight, out of mind scenario. Luckily, you only have to apply for this one time. It will remain a credit every year automatically once it has been applied.
Who actually qualifies for homestead exemption? Here are the guidelines to qualify for this tax break.
- You must be the owner of record and the property must be your primary residence.
- You must occupy the property and you cannot have a homestead exemption on any other home in any other state.
All states usually have some type of homestead exemptions. You should expect some sort of tax rate reduction applied to your property tax bill annually.
Depending on your age and even some other physical disabilities, you could qualify for an even larger discount.
Applying for the tax exemption is very easy. You will need to take proof of your ownership and occupancy to your CSRA tax assessor’s office. Typically they will accept a copy of the deed and a copy of your driver’s license, showing that property address and possibly even a utility bill showing active services at the location.
Before you go to your local government complex to file, I recommend you call your county tax assessor’s office and confirm that they do not require any additional documentation and find out exactly where you need to go to take care of this right away!