Q:

Do you need to file property taxes in order to qualify for a homestead exemption?

A:

Quick Answer

While homestead exemptions vary from state to state, one thing is always the same: homeowners must file property taxes to claim the exemption. Zacks Investment Research explains that the exemption shelters either a fixed dollar amount or a percentage of a home's value from taxation.

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Full Answer

According to Kiplinger, some states, such as Mississippi, offer additional homestead exemptions to homeowners who are over 65 or disabled. These additional exemptions shelter the first $75,000 of a home's value, as of 2011. Residents who own homes valued at $75,000 or less owe no property taxes, but they must file property taxes to claim the exemption.

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