What Are the Rules for Homestead Exemptions?


Quick Answer

In general, homestead exemptions apply only when property owners are individuals and not corporations or other business entities, explains the FAQ section of the U.S. Legal Forms website. In addition, these exemptions apply exclusively to properties that serve as their owners' primary residences on the first day of a financial year.

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Full Answer

Property owners who move away for more than two years cannot claim homestead exemptions, warns U.S. Legal Forms. However, tax authorities disregard this stricture when the absence results from military service or stints in facilities that provide services to the old or the infirm.

To claim this deduction, property owners must file the necessary paperwork with county appraisers, who are also known as tax appraisers or property appraisers, in the period between January 1 and April 30 of the relevant tax year, advises U.S. Legal Forms. Those who cannot file within that period have up to one year from the date when their taxes become delinquent to claim the exemption. Property owners who turn 65 years old or become disabled in the course of a tax year are eligible for the deduction.

In general, homestead exemption laws define homesteads as condominiums, mobile homes or independent structures sited on land that is leased or owned, reports U.S. Legal Forms. These laws only grant exemptions to owners who use their properties exclusively for residential purposes. Depending on the specific jurisdiction, homesteads can include up to 20 acres of land.

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