Exemption Filing Deadlines
While the timely deadline to file for any 2020 exemptions is March 2, 2020, you can still late file up until September 18, 2020. This extended late filing period allows you to apply for or renew any valuable tax-saving exemptions including Homestead Exemption and the Low-Income Senior Exemption for the 2020 tax year. There are no late fees to late file for these exemptions so do not miss out on this important opportunity even if you miss the March 2 deadline. You are entitled to a Homestead Exemption if, as of January 1, 2020, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, January 1 of each year is the date on which permanent residence is determined. You must have had permanent residency and lived on the property as a primary residence by January 1.
Agricultural Land Classification
If you believe your property, as of January 1, meets the criteria for the Agricultural Classification, you must file an initial application with the county property appraiser's office by March 2, 2020. Their office reviews all properties receiving the Agricultural Classification each year and will notify property owners in July of each year as to the status of their request. For additional information on the Agricultural Classification, please visit your county property appraiser's website.
Homestead Exemption - How is the $50,000 Exemption Applied?
1. The first $25,000 of the exemption applies to all taxing authorities and to the first $25,000 of your property's assessed value.
2. The second $25,000 exemption does NOT apply to the school portion of your tax bill. The school budget -- at roughly 37% of the entire property tax bill -- makes up the single largest portion of your tax bill.
3. The second $25,000 of the exemption only applies to the portion of assessed value between $50,000 - 75,000. This means the property will not receive the full benefit of the second $25,000 if your property is assessed at less than $75,000. And -- if your property is assessed at less than $50,000 – the property will not receive any additional savings from this second $25,000 exemption.