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Posted by Bill on March 4, 2007, 9:09 pm
Please log in for more thread options kastnna@auburnalum.org (kastnna) posted:
> First time home buyer here with a couple of
> property tax questions. It has been explained
> to me that 54 mills is the total property tax rate
> for my soon-to-be residence (Auburn,
> Alabama). We close 03/23/07.
> This millage rate is applied to 20% of the
> assessed value of the property to determine
> the property taxes due.
> I have heard that a property that is
> "Homestead Exempt" has the applicable
> percentage reduced from 20% to 10%.
> What is the homestead exemption? Who is
> eligible? What are the caveats/ limitations?
> How do I find out more about my specific
> property?
Here in FL, where I live, qualification for the Homestead
allowance simply requires that you attest your property is
your main home and residence. For this, one receives a
$25,000 reduction in assessed value.
But every state (or county) will have its own variations.
(My home county, for example, offers a "bonus" exemption for
low-income seniors.)
I would suggest you visit your state's official website, and
also your county [assessor's] website. You could use the
site search engine to seek info on "Homestead tax
exemptions."
Bill
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