Statutory Citation
Qualifications
- Own and occupy the property as a principle residence or;
- Occupy the property as a principle residence and you have an equitable legal estate and are responsible for the payment of the real estate taxes.
Application Process
- In most cases, the Township Assessor will automatically grant the exemption on behalf of the taxpayer without requiring a formal application. If you have any questions about your exemption status, please contact your Township Assessor.
Renewal Process
- It is typically facilitated by your Township Assessor automatically.
Benefit
- This Homestead Exemption reduces the net taxable assessed value by a maximum of $6,000 (2022 payable 2023 assessment year).
- For 2023 payable 2024, the maximum deduction increases to $8,000.
- The actual tax savings is dependent on the applicable tax rate.
- Typical savings for 2022 payable 2023 is about $438.
