The following homestead exemptions are
available to qualified property taxpayers:
- General Homestead Exemption
-- Available to anyone who owns and lives in their home as
of Jan. 1 of the tax year. This exemption reduces your equalized
assessed value by up to $6,000 (beginning in 2009 for taxes
payable in 2010 and thereafter). This is determined by the
amount of increase in your assessed value since 1977, the base
year for this exemption. Any increase in assessed value for any
reason since 1977, up to $6,000, will be deducted for the Homestead
Exemption. The homeowner/taxpayer must apply for this exemption
for the first time; it will be automatically renewed each year
thereafter. If you move, another application will be required
for your new address.
- Homestead (over 65)
Exemption -- For taxpayers who own and live in their home
and are aged 65 or older. You may apply for this exemption any
time during the year in which you turn 65, provided you own and
occupy your home. This exemption reduces your equalized assessed
value by $4,000. The homeowner/taxpayer must apply for this
exemption for the first time; proof of age is required (drivers
license, Medicare card or birth certificate). Every year
thereafter, the Assessment Office will automatically renew the
application. Again, if you move, you must reapply for your new
address.
- Home Improvement Exemption
-- For new construction or additions to your home. This is
for structural changes only, such as room additions, garages,
decks, porches, or other square footage additions. Maintenance
such as siding, replacement windows or a new roof does not
qualify. The maximum amount allowable is $75,000, or $25,000
assessed value. This exemption continues for four years after
completion of the new improvement.
- Senior Citizen's Assessment
Freeze -- The Senior Citizen's Assessment Freeze (PTAX 340)
Exemption is available to senior citizens, age 65 or older,
whose total household income is $55,000 or less for the
previous year. If you meet the above requirements and own and
reside in your home on Jan. 1 of the current tax year and Jan. 1
of the preceding year, you are eligible for this exemption. You
must complete form PTAX 340, available in the Assessment Office,
each year. This exemption "freezes" the assessed value of your
property at the previous year's level, which becomes your "base
year." Thereafter, your taxable value will be your base year
amount. The amount of your freeze exemption is determined by
subtracting your freeze base amount from your current equalized
assessed value. This exemption does not freeze your taxes.
Your tax rate (the amount per $100 of assessed value that
you pay in taxes) will still fluctuate each year. (This
exemption is not the Senior Citizen's Tax Deferral
Program).
- Disabled Person's
Homestead Exemption -- This
exemption is available to taxpayers who own and live in their
home as of Jan. 1 of the tax year. It provides a $2,000
reduction in the property's equalized assessed value for
qualifying disabled persons. To receive this exemption,
taxpayers must file an application annually and submit certain
documentation proving disability.
- Disabled Veteran's
Homestead Exemption -- This
exemption is available to taxpayers who own and live in their
home as of Jan. 1 of the tax year. It provides a $5,000
reduction in a property's equalized assessed value for
qualifying disabled veterans having a minimum of 75 percent
disability -- OR -- a $2,500 reduction for qualifying disabled
veterans having a disability of 50 percent to 74 percent. To
receive this exemption, taxpayers must file an application
annually and submit a certified copy of their DD Form 214 and a
Disability Certification Letter from the U.S. Department of
Veterans' Affairs.
- Returning Veteran's
Homestead Exemption -- This
exemption is available to taxpayers who own and live in their
home as of Jan. 1 of the tax year. It provides a one-time $5,000
reduction in the property's equalized assessed value (EAV) for
qualifying veterans upon their return from active duty in a
conflict involving the armed forces of the United States. To
receive this exemption, the veteran must file an application and
submit a certified copy of their DD Form 214 during the tax year
of his or her return.
|
