March 16, 2023

Did you purchase a home in 2022? Homestead Exemption Deadline is April 1

Krish Dhokia
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As a homeowner, you may already know about the Homestead Exemption. This is a tax exemption that can help reduce the amount of property taxes you pay on your home. However, if you have not yet applied for this exemption, now is the time to do so.

The deadline to file for the Homestead Exemption is April 1st. This means that you must submit your application by this date in order to be eligible for the exemption. So, why should you bother applying for this exemption? Here are just a few of the benefits that come with the Homestead Exemption:

1. Lower Property Taxes

The most obvious benefit of the Homestead Exemption is that it can help reduce the amount of property taxes you pay on your home. In many cases, this can mean savings of hundreds or even thousands of dollars each year.

2. Protection from Creditors

In some states, the Homestead Exemption also provides protection from creditors. This means that if you are sued or go through bankruptcy, your home may be protected from being sold to pay off your debts.

3. Increased Home Value

Having the Homestead Exemption can also increase the value of your home. This is because buyers may be willing to pay more for a home that has lower property taxes and is protected from creditors.

4. Peace of Mind

Finally, having the Homestead Exemption can provide you with peace of mind. You will know that your home is protected and that you are doing everything you can to reduce your property taxes.

So, how do you apply for the Homestead Exemption? The process varies depending on the state you live in, but generally, you will need to provide proof of ownership and residency, as well as fill out an application form. You can usually find more information and the application form on your state’s tax authority website.

In conclusion, if you own a home and have not yet applied for the Homestead Exemption, now is the time to do so. The benefits are clear, and you will not regret taking the time to apply. Remember, the deadline is April 1st, so don’t delay!

*Kind Lending, LLC is not a tax professional and does not offer tax services or advice.  For tax questions please seek the assistance from a licensed tax professional.