Are you eligible for a pro-rated homestead exemption?
Starting January 1, 2022, state law allows property owners to claim a pro-rated general residence homestead exemption on a property that becomes their principal residence at any point in the year. Previously, property owners could only claim this exemption if they owned and lived in the home as of January 1.
Property owners must still own and reside in the home for at least one calendar year (starting January 1) before the exemption will limit the increase of the property’s assessed value to 10% or to the current market value, whichever is less.
To qualify for a pro-rated general residence homestead exemption:
- The property owner must own and live in the home.
- The property must have been purchased on or after January 1, 2022.
- The property cannot already have a general residence homestead exemption for the year.
- The property owner cannot already be claiming a general residence homestead exemption for the year on another property.
To learn more about pro-rated homestead exemptions, download our information sheet.