What is Homestead Exemption?
Homestead Exemption exempts up to $7,500 of assessed value from being taxable.
For example, if your home's fair market value is $175,000, your assessed value would be $17,500. Your taxes would then be $1,246.88 at last year's millage rate. However, if you qualified for homestead exemption we would subtract $7,500 from the $17,500 which would make your taxable value $10,000. Therefore, your taxes would be $712.50.
The basic qualifications for homestead exemption are that you must own and reside on the property. If you think you are qualified or if you have any questions please contact our office.