Heads up on Homestead
Homestead exemption is not granted automatically so if you are planning to claim your newly purchased home as your homestead, here are somethings to remember. There are two qualifying deadlines to be aware of for 2018; January 1, 2018 and March 1, 2018. January 1st refers to when Buyers must own and occupy their home, while March 1st refers to the homestead exemption application deadline. Here are a few pointers to remember:
To receive homestead exemption, a Buyer must both own and occupy a property as their primary residence by January 1, 2018. For those of you with closing dates set for January 1st, do not fret! This date includes a closing ON January 1, 2018 if the Buyer MOVES IN on the same day. A closing occurring on or after January 2, 2018 will need to claim homestead in the next tax year.
Buyers have until March 1st to complete the application for homestead exemption. In addition, if the Buyer is transferring their homestead from one home to another, they must approve their new homestead within two assessment years. For example, a transfer in 2015 must be approved by January 1st of 2016 or 2017 in order to qualify for portability. Avoid the lines and submit your application today.