Homestead Exemption- What, Why, and Where

Homestead Exemption- What, Why, Where?

It's that time of the year, the kids Christmas toys are broken, we've all probably floundered on our New Years resolution, and tax time looms. Are you depressed yet? No worry, it's also time to save some money. If you bought a new home last year it's time to file for your Homestead Exemption. You probably remember this phrase being used at your closing as your attorney waded through the mountain of paperwork. Maybe your Realtor has sent you a postcard reminder or your Loan Officer has sent you an email. Either way there is a chance you've heard the phrase but what is it?

Homestead Exemption, while it might have several definitions, in this case is a privilege offered to home owners who claim their home as a primary residence. Think of it as an incentive to invest in real estate property as a primary home vs. renting. This privilege is offered through a reduction in your yearly tax bill. In other words, it saves you money! Got your attention?

Without going into all the exciting details of tax law and accounting I'll briefly explain how it works. Your home is given an "accessed" value by your municipality's county tax assessor's office. This value will normally be somewhat close to the value of your homes Appraised Value that was determined by a professional appraiser during the purchase phase. Each county has a predetermined tax rate that in conjunction with your assessed value determines your yearly tax amount. By giving you an exemption, either by percentage or flat rate, off of your assessed value your tax amount is reduced. Simple enough?

So how do you qualify? You already have. By purchasing a home in the previous year you automatically qualify. You just have to "claim your prize". Taking a few of your loan closing documents, visiting your local tax assessors office, and filling a few short forms ensures you receive the tax break your first full year in the home. This is a one time process that last as long as you live in the home so you only have to make this visit once.

What do you need? Each county's system is different but most require you bring your Settlement Statement and Warranty Deed, and proof of identification. In addition to this you will complete a form that ask questions concerning your personal info, vehicle tag numbers, etc. If any of the counties in our area offer online forms I will include links below.

When do You go? This is very important! You are allowed to file from January 2 to April 1 of each year. Failure to do so will result in either a reduction in the amount you qualify for or none offered at all.

Where do you go? Your local county tax assessors office. Some offices now offer downloadable forms online that can be prepared prior to your visit and printed. I've took the time to add links to each of the tri counties offices adn their online forms. Visit them for more info to better prepare yourself for your visit.

I hope this has been useful in helping you, feel free to pass it along to friends, family, and co-workers. This is a great savings that can help anyone. If you need more information please feel free to contact me.

Click on these links to access more info

Madison County Tax Assessor

Madison County Homestead Exemption Automated Form

Rankin County Tax Assessor

Rankin County Homestead Exemption Application

Hinds County Tax Assessor

Hinds County Homestead Worksheet

Nearby Communities

Average Home Price In Brandon 39047
100 Fairdale Place Homes For Sale Brandon, MS with a Pool!
How much are closing costs in Brandon Ms
How To Sell Your House in Brandon Ms Winter 2018
Cornerstone Neighborhood
Houses For Sale in Brandon, Ms 39042
How To Buy A House Brandon Ms - Winter 2018
Homes For Sale Canton MS
436 Pinebrook CIR Brandon Ms 39047
Average Home Price In Brandon 39047
270 HIDDEN HILLS PKWY in Hidden Hills Neighborhood Brandon
A Millennial’s Guide to Home-ownership Brandon MS
Brandon Houses For Sale 39047
/houses-for-sale-in-156_Crossview_Plantation_in_Brandon_MS-MS/39047
Things To Consider When Selling Your House
168 Crossview PL in Brandon
Things to consider when buying a home in Brandon Ms
Houses For Sale in Clinton, Ms 39056
Homes For Sale In Florence, Ms 39073
Houses For Sale in Forest, MS 39074
The Fastest Way To Sell Your Home In Madison Ms
in 86 Brisco In Hatheway Lake Madison, MS
857 WELLINGTON WAY in Cross Creek
111 MONT HELENA DR Madison 39110 in Reunion Neighborhood
MADISON REAL ESTATE MARKET REPORT DECEMBER 2017
How Much Are Closing Costs in Madison
1620 Mannsdale Rd in Madison Ms 39110
125 Greenway Ln in Lake Caroline Madison
Houses For Sale Madison, Ms
Houses For Sale in Morton, Ms 39117
Houses For Sale In Pelahatchie, MS 39145
3719 Northview Dr Homes For Sale Jackson, MS 39206
Homes For Sale Ridgeland Ms 39157
304 Eastpark St at Township Colony Park in Ridgeland
114 Overlook PT Cir in Overlook Pointe in Ridgeland, MS
Houses For Sale Pearl, MS 39208
Homes For Sale In Jackson 39211
Houses FOr Sale in Flowood, MS 39232

Articles / Blogs

MADISON MS HOMES WITH A POOL UNDER 200K
/blogs/STEVESLAY/Get_The_Cold_Hard_Facts_To_Selling_A_Home
What Are the Experts Saying about Mortgage Rates?
/blogs/STEVESLAY/Homes_For_Sale_Under_500000
/blogs/STEVESLAY/Land_For_Sale_0_to_5_Acres
How To Choose The Right Brandon Real Estate Agent
/blogs/STEVESLAY/Homes_For_Sale_in_Brandon_Ms_39047
/blogs/STEVESLAY/Homes_For_Sale_Under_1000000
You Need an Agent Who Will Put You First
/blogs/STEVESLAY/Homes_For_Sale_Forest_Ms_Under_150000
MADISON MS HOMES WITH A POOL UNDER 250K
No Money Down-100% Financing
Mortgage Interest Rates Went Up… Should I Wait?
Jackson Metro Area Zip Codes
/blogs/STEVESLAY/Test_For_HFS
/blogs/STEVESLAY/Honesty_in_Real_Estate_The_Cold_Hard_Truth
THINGS TO CONSIDER WHEN SELLING YOUR HOUSE
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale_Madison_Ms
/blogs/STEVESLAY/Land_For_Sale_10_to_15_Acres
508 Stuart Crossing, Brandon MS 39042
02/02/18 Weekly Look at What's Happening With Rate Movement, The Economy and The Housing Market
/blogs/STEVESLAY/First_Time_Homebuyer_Programs_in_Mississippi
/blogs/STEVESLAY/Homes_For_Sale_With_Land
Top 5 Reasons You Shouldn’t Sell FSBO
/blogs/STEVESLAY/3521_McFarland_Raymond_Ms
/blogs/STEVESLAY/Homes_For_Sale_in_Brandon_Ms
/blogs/STEVESLAY/Bank_Owned_Property_In_Mississippi
/blogs/STEVESLAY/What_To_Do_In_Brandon_Ms
Mississippi Farms For Sale
/blogs/STEVESLAY/Get_The_Cold_Hard_Facts_To_Selling_Your_Home
/blogs/STEVESLAY/Homes_For_Sale_Under_2000000
Skipping the Pre-Qualification Process
/blogs/STEVESLAY/Here_Are_The_Cold_Hard_Facts_When_Selling_A_Home
/blogs/STEVESLAY/Land_For_Sale_Under_100000
/blogs/STEVESLAY/Homes_For_Sale_in_Flowood_Ms_39232
Buying or Selling in 2018?
/blogs/STEVESLAY/Homes_For_Sale_in_Brandon_Ms_39042
How to Save on a Mortgage Payment Whether Buying or Selling
/blogs/STEVESLAY/How_To_Buy_A_Home_In_Brandon_Ms
HUD Property
Quick Way To Increase Your Homes Value
/blogs/STEVESLAY/Here_Is_The_Cold_Hard_Facts_To_Selling_A_Home
/blogs/STEVESLAY/The_Secret_to_Selling_Your_Home_In_Madison_Ms
How To Get Pre-Qualified For A Loan
The Truth About Homeowner Equity
The Fastest Way To Sell Your Home In Brandon Ms
/blogs/STEVESLAY/Land_For_Sale_5_to_10_Acres
What to Look for in Your Real Estate Team
/blogs/STEVESLAY/Homes_For_Sale_Under_750000
Renting or Buying…Either Way, You’re Paying Someone’s Mortgage
Waterfront Homes For Sale Brandon Ms
FREE list of Foreclosures and Foreclosed Homes For Sale
Should I Sell My House Now?
212 Stoneybrook Dr, Brandon, MS 39042
/blogs/STEVESLAY/Chicken_Farms_For_Sale
/blogs/STEVESLAY/Waterfront_Houses_For_Sale_in_Rankin_County
4 Reasons to Buy a Home This Winter!
/blogs/STEVESLAY/How_To_Sell_Your_Madison_Ms_Home_Fast
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale
/blogs/STEVESLAY/Homes_For_Sale_Under_200000
Top 4 REAL Reasons We Buy a Home
/blogs/STEVESLAY/Cold_Hard_Facts_When_Selling_Your_Home
/blogs/STEVESLAY/1_Who_Else_Wants_To_Sell_Their_Home_For_More
Title Insurance- what is it and why you may need it
/blogs/STEVESLAY/Foreclosure_Homes_For_Sale_in_Mississippi
126 Oakridge Trl Flowood MS 39232
Hiring Steve to Sell Your House May Cost You NOTHING!
/blogs/STEVESLAY/Land_For_Sale_in_Flowood_Ms_Under_100000
4 Reasons to Sell This Winter 2018
/blogs/STEVESLAY/Homes_For_Sale_Under_5000000
/blogs/STEVESLAY/Homes_For_Sale_Forest_Ms_Under_100000
/blogs/STEVESLAY/Reservoir_Area_Homes_For_Sale_Brandon_MS_39047
/blogs/STEVESLAY/Land_For_Sale_Madison_Ms_Under_100000
Mississippi Hunting Land For Sale
/blogs/STEVESLAY/632_Tucker_Crossing_Brandon_Ms_39042
Thinking of Selling? You Should Do It TODAY!!!
How Rising Prices Will Help You Build Family Wealth in 2018
Mississippi Mortgage Credit Certificate Programs
/blogs/STEVESLAY/Homes_For_Sale_Under_450000
/blogs/STEVESLAY/Here_Are_The_Cold_Hard_Facts_To_Selling_Your_Home
/blogs/STEVESLAY/Homes_For_Sale_Under_100000
/blogs/STEVESLAY/Land_For_Sale_Under_50000
/blogs/STEVESLAY/Homes_For_Sale_with_a_Pool
7 Reasons to List Your Home This Holiday Season
/blogs/STEVESLAY/The_Secret_of_Selling_Your_Home_In_Madison_Ms
/blogs/STEVESLAY/Mississippi_Land_For_Sale
How to Get the Most Money from the Sale of Your Home
Central Mississippi Market Report November 2017
/blogs/STEVESLAY/Land_For_Sale_Under_75000
/blogs/STEVESLAY/Get_The_20_Hard_Facts_To_Selling_A_Home
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale_in_Mississippi
What Everyone Ought To Know About Choosing A Listing Agent in Madison Ms
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale_Brandon_Ms
Looking For New Construction Homes?
/blogs/STEVESLAY/Homes_For_Sale_Under_150000
/blogs/STEVESLAY/Homes_For_Sale_Under_400000
Hunting Land For Sale Brandon Ms Under $100,000
Why Is It Important to Use a Professional to Sell Your Home?
5 Reasons to Sell This Winter!
/blogs/STEVESLAY/Homes_For_Sale_Under_300000
Method That Gets My Listings Sold FAST
Why Sell Now Instead of Later? The Buyers are Out Now
/blogs/STEVESLAY/Heres_The_Cold_Hard_Facts_To_Selling_A_Home
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale_Jackson_Ms
/blogs/STEVESLAY/Foreclosure_Homes_For_Sale_Brandon_Ms
BRANDON HOMES WITH A POOL UNDER 300K
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
Where Are Home Prices Heading in The Next 5 Years?
Should Boomers Buy or Rent after Selling?
/blogs/STEVESLAY/Homes_For_Sale_In_The_Country
BRANDON MS HOMES WITH A POOL UNDER 200K
/blogs/STEVESLAY/Homes_For_Sale_Under_350000
2018 - Is This The Year To Buy A New Home?
HOW TO BUY A HOUSE IN BRANDON MS IN 2018
/blogs/STEVESLAY/Homes_For_Sale_Under_250000
/blogs/STEVESLAY/The_Secret_to_Selling_Your_Home_in_Brandon_MS
/blogs/STEVESLAY/Do_You_Want_To_Know_The_Truth
/blogs/STEVESLAY/Foreclosed_Homes_For_Sale_Flowood_Ms
Mississippi Horse Farm Land For Sale
/blogs/STEVESLAY/Here_Are_The_Cold_Hard_Facts_To_Selling_A_Home
BRANDON HOMES WITH A POOL UNDER 250K