Homestead Tax Credit

[North Beach Person]

Originally Posted by DaveinMtAiry

I remember now, the Homestead credit was for homes that had appreciated by a large amount. I did fill out the application and as I said it was on my property bill back when home prices were flying high. They are currently assessing my property lower than back then, does that not mean I'm no longer eligible?


The link bufflove provided wasn't simply selecting the county and filling in the address, on page 2. They were asking for Real Property Account Number, which is apparently different than what is on my bill, as well as an Access Number

No. it's still there if you originally had it. Frederick may not show how much the Homestead Exemption cost it (that's what it really means).

If you look at the page I linked to find your property and it's listed as Owner Occupied then you're getting the exemption. The default is that it's listed as No.

Taxes may go up anyway even if your assessment has dropped. If you've been Homesteaded long enough your taxable assessment is lower than the full assessment. Even if the value dropped, if your taxable assessment is lower than the new lower assessment your tax bill will play catch up.

That caused governments no end of complaints when the price drops hit.

Even with the assessment drop we're still $100K over our taxable assessment since we've had the Homestead Exemption so long. My tax bill goes up every year because of that.

That's why the State, and Counties, like people who buy up every few years, the Homestead Exemption starts at the new and higher price.

[mltbrevis]

Try this link: SDAT: Real Property Search. Put in your county, then search by street address. When that one page form for your property pulls up, at the very bottom of the page it will say "Homestead Application Status" and then tell you if it is approved. I don't know the ins and outs of the credit, but believe me, we bought our place in 2005 and have NEVER seen an increase in our value assessment (at one point our assessment dropped over 25% from what we paid for it) and we still have the credit. Although of course our tax amount keeps going up - imagine that. What we were told from the city about the credit is that it just ensures your taxes won't go up anymore than 4% a year, no matter what the assessment is or how much the tax rate increases.

[bufflove]

Originally Posted by DaveinMtAiry

I remember now, the Homestead credit was for homes that had appreciated by a large amount. I did fill out the application and as I said it was on my property bill back when home prices were flying high. They are currently assessing my property lower than back then, does that not mean I'm no longer eligible?


The link bufflove provided wasn't simply selecting the county and filling in the address, on page 2. They were asking for Real Property Account Number, which is apparently different than what is on my bill, as well as an Access Number

Sorry about that - i copied the wrong NBP link, it's this one (same as what mltbrevis just linked to): SDAT: Real Property Search