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A homestead exemption can protect a portion of your property’s equity from certain creditors if you file for bankruptcy. In many states, it can also help you save on your property taxes. Some states provide both the property tax deduction and equity protection, while other states only provide the equity protection. Many states provide additional exemptions for seniors, veterans and disabled homeowners.
Most counties require the homeowner to have purchased the property as their legal principal residence between January 1 and December 31, 2017 to file in 2018. If the exemption allows for a portion of the value of your residence to be deducted from the property tax assessment, it will lower your property tax bill. For example, if your residence is valued at $200,000 and you qualify for a $20,000 exemption, you are billed for taxes on your home and land as if it was worth $180,000. Each County sets its own amount for homestead exemption.
How do I apply for homestead exemption?
We have linked to the revenue department in each state where Certainty Home Loans is licensed for you to get a better understanding of your state’s filing requirements, eligibility rules and filing deadline. You can also do an internet search for "homestead exemption [your county]"
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