Jasz
VIP Contributor
There are several exemptions that homebuyers can take advantage of by applying for homestead exemption. This allows you to save money on your property tax payments and receive a tax reduction on the value of your home.
To get the full benefit of these exemptions, you must apply for them within 30 days of signing the purchase agreement. Here are the four most common homestead exemptions:
1. First-Time Homebuyer Exemption
This exemption allows first-time buyers to avoid paying any property taxes for up to five years. These requirements are to be met:
You purchased your home from a licensed real estate agent or seller representative.
You bought your house or condominium unit for $150,000 or less, or $250,000 if you live in an assisted living facility (foreclosure properties aren't eligible).
The purchase price doesn't include any land or improvements like landscaping or pool enlargement.
2. Rehabilitation Exemption
If you're planning on making major renovations on your house or condo unit, this exemption will help you save money on taxes while putting your property back into good condition so it's ready for resale when the time comes.
To get the full benefit of these exemptions, you must apply for them within 30 days of signing the purchase agreement. Here are the four most common homestead exemptions:
1. First-Time Homebuyer Exemption
This exemption allows first-time buyers to avoid paying any property taxes for up to five years. These requirements are to be met:
You purchased your home from a licensed real estate agent or seller representative.
You bought your house or condominium unit for $150,000 or less, or $250,000 if you live in an assisted living facility (foreclosure properties aren't eligible).
The purchase price doesn't include any land or improvements like landscaping or pool enlargement.
2. Rehabilitation Exemption
If you're planning on making major renovations on your house or condo unit, this exemption will help you save money on taxes while putting your property back into good condition so it's ready for resale when the time comes.
