Friday, January 18, 2008

Homestead Head's Up

The Homestead Tax Credit was put in place to limit the amount of assessment increase that homeowners can expect on their property tax bill. Any homeowner, regardless of income level, is eligible to take the credit on their primary residence.

However, in an effort to avoid individuals taking the credit on multiple properties, the legislature passed a law requiring that a one-time application be made in order to receive the credit into the future. The application, at the State Department of Taxation and Assessments website, can be found here.

According to the site, "This credit can have a significant impact on your real estate taxes regardless of your property’s value or your income level. If the property is used as your principal residence, you are strongly encouraged to complete this application."



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