Save $Money$ on your Home!

Are you a homeowner looking for ways to save on property taxes? If so, you might want to explore the benefits of the homestead exemption.

What is the Homestead Exemption? The homestead exemption is a legal provision designed to provide homeowners with relief from property taxes. It allows eligible homeowners to exclude a portion of their primary residence's value from taxation, thus reducing the overall amount of property taxes owed.

Who Can Benefit? Typically, the homestead exemption is available to homeowners who use their property as their primary residence. This means that it's not applicable to investment properties or second homes. The intention is to support individuals and families who make their home in the property.

How Does It Work? The specifics of the homestead exemption can vary depending on where you live. Generally, it exempts a set dollar amount or percentage of the home's assessed value from taxation. This can lead to significant savings on property tax bills.

Why is it Important? The homestead exemption serves several purposes. It can provide financial relief to homeowners, particularly those facing economic challenges. Additionally, it aims to encourage homeownership by making it more affordable for individuals and families to own their own homes.

Checking Eligibility To take advantage of the homestead exemption, homeowners need to meet certain criteria set by their local tax authority. These criteria can include residency requirements, income limits, and property value thresholds. Deadline for most counties in SE PA is March 1 and the form takes 5 min to complete. Let me know if you need any of the required information:

• • Chester County
  • https://www.chesco.org/DocumentCenter/View/13191/HOMESTEAD-APP-2013?bidId=
• • Montgomery County
  • https://www.montgomerycountypa.gov/.../Homestead-Application
• • Bucks
  • https://www.buckscounty.gov/DocumentCenter/View/16464/2024-Homestead-Farmstead-Application?bidId=
  • https://www.buckscounty.gov/DocumentCenter/View/16465/2024-Homestead-Farmstead-Application-Instructions?bidId=
• • Delaware
  • Need to contact their school district, contact list below:
  • https://delcopa.gov/.../SchoolDistrictHomesteadCoordinato...
• • Philadelphia
  • https://www.phila.gov/.../get-the-homestead-exemption/

In conclusion, the homestead exemption is a valuable benefit for homeowners, offering potential savings on property taxes and supporting homeownership. If you're a homeowner, it's worth exploring whether you're eligible for this exemption and how it can help you save money.

Happy Homesteading!