Err on the side of caution and make sure your exemption requests are received prior to the deadline.
If you purchased your primary residence in District IV within the last year, or forgot to file previously, make sure you file your Homeowners Exemption with the City’s Department of Budget and Fiscal Services Real Property Assessment Division. You only need to do this once to receive its benefits.
- Basic home exemption is an $80,000 deduction from your assessed property value and you are taxed on the remaining balance.
- Exemption for owners 65 and older (on or before June 30 of the preceding tax year of claim) is $120,000. If you have an existing home exemption, with your birthdate on file, your exemption amount will automatically increase dependent on your age.
Do the math! The residential tax rate equals $3.50 per $1k of your assessed property value. This equals $280 a year for basic exemptions and $420 a year for owners 65 and older that qualify. It may not be much now but every dollar saved adds up.
Totally Disabled Veterans (due to injuries received while on active duty with the U.S. Armed Forces) are exempt from all property taxes except the $300 minimum real property tax on their home. Please note that different deadlines apply.
If you have impaired sight or hearing, are totally disabled and/or have Hansen’s Disease, you may file a claim for a $25,000 real property tax exemption for property you own (this is in addition to the regular or multiple home exemption. Deadline to file is September 30.