Benefits of Home Ownership and Tax Exemptions | MSI Credit Solutions

Benefits of Home Ownership and Tax Exemptions

When you own your own home, you may qualify for certain tax exemptions. Read on to learn more!

Besides owning your own home, there are more benefits to being a home owner. Did you know that as a home owner you could qualify for additional tax exemptions? If you purchased a home last year, it’s highly recommended to file for one of these exemptions, your residential homestead exemption. This will save you money on your property taxes. There are additional exemptions you may qualify for. To learn more about the following exemptions you can also contact your local appraisal district:
 

Over 65 Exemption & Disabled Person Exemption:

Individuals age 65 or older or disabled residence homestead owners qualify for a homestead exemption, in addition to the Residential Homestead Exemption for all homeowners. If the owner qualifies for both a 65 or older exemption and a disabled exemption, the owner must choose one or the other. The owner cannot receive both exemptions.

Disabled Veterans Exemption:

Individuals who qualify are disabled veterans and who receive from the United States Department of Veterans Affairs or its successor 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disability or of individual unemployability. An exemption application must be completed and accompanied with a copy of your V.A. award letter or other document from the United States Department of Veterans Affairs showing 100 percent disability compensation due to a service-connected disability and a rating of 100 percent disabled or individual unemployability. A surviving spouse does qualify for the 100% Disabled Veteran Homestead Exemption, but a surviving child does not qualify.

Residential Homestead Exemption:

A residential homestead exemption removes part of the value from the assessed value of your property and lowers your property taxes. The good news is that you only have to do this once! Most counties require an updated driver’s license with your current home address. Once requested, set a reminder to make sure it’s been processed since there is a deadline.

 

Do all homes qualify for residential homestead exemptions?

No. Only your principal residence qualifies for this exemption. The home owner must be an individual and not a corporation or business entity. The home must also be used as the principal residence on January 1 of the tax year.

 

How do I apply for exemptions?

You can apply via mail or in many cases online. You can visit your county’s website for more information and instructions for how to apply online. Make sure to have all required documents ready to include with your application. For a residential homestead exemption, you must provide a copy of your driver’s license or ID card. The address must match your homestead address.

For questions regarding any of the tax exemptions covered, contact your county’s appraisal district. Qualification for these exemptions may vary by county and state.

 

Call MSI Credit Solutions today at 866-217-9841 and receive a FREE consultation.

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MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For more information regarding our credit repair services, real estate services & lending resources, or to schedule a free credit repair consultation, contact us today at 866-217-9841.

 

*The information in this article has been provided strictly for educational purposes.

 

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