YOU MUST FILE YOUR HOMESTEAD EXEMPTION VERIFICATION!

By
Real Estate Agent with Century 21 Scheetz

Did you see a PINK form in with your property tax statement? DO NOT THROW IT AWAY OR FILE IT AWAY!

PLEASE PAY ATTENTION: EVERY INDIVIDUAL OR MARRIED COUPLE CURRENTLY CLAIMING THE HOMESTEAD EXEMPTION ON THEIR PROPERTY TAXES MUST COMPLETE THE FORM AND RETURN IT TO THE COUNTY PER THE INSTRUCTIONS INCLUDED ON THE FORM!

If you are like most homeowners, your property taxes are paid by your mortgage company and you usually open the statement and file it away like I do.

Who: Every individual or married couple currently claiming the homestead deduction will receive the form. (Some counties may choose to mail the form to every taxpayer, even those not claiming the homestead deduction.)

What: The pink form included with tax bills When: The homestead verification form will be mailed with 2010, 2011, and 2012 tax bills and MUST be completed at least once by January 1, 2013.

Where: Follow the instructions included on the form.

Why: If you are claiming the deduction you must complete the pink form to verify eligibility and to provide identification numbers (the last five digits of both driver’s license and social security numbers of both spouses), which will be used to populate a secure homestead database and prevent homestead fraud. Beginning in 2010, House Enrolled Act (HEA) 1344-2009 requires the tax statement to include a form that allows taxpayers to verify their residency and eligibility for the homestead deduction.

Each individual (and his or her spouse, if any) claiming the homestead deduction also is required to provide the last five digits of his or her social security number and driver’s license number. This information will be used to populate a secure homestead database, which will be used by county auditors to track homesteads statewide and prevent fraud. This will help reduce taxes for all ensuring that everyone shares equally in the property tax burden. For more information click here.

If you no longer use this home as your primary residence, please complete the Certified Statement to remove the homestead exemption from your property.

Individuals and married couples are limited to one homestead exemption. It is imperative that you do this by January 1, 2013!! If you do not, you will miss out on the benefits of the homestead exemption which reduces the taxable assessed value of the homestead portion of a property by the lesser of 60 percent or $45,000 . In addition, those receiving the standard deduction, automatically receive the supplemental homestead deduction, the 1 percent circuit breaker cap and any state or local homestead credits. For additional information regarding the homestead exemption and other property tax deductions, click here.

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