It’s never too early to start thinking about tax day (April 15, 2022)! Especially when it comes time to see how many – if any – exemptions you can get on tax day, you should start doing your research as soon as you can.
One of the ways you might manage to save money for tax time is by examining if you’re eligible for a homestead exemption.
In case you’re unaware of what a homestead exemption is, it’s a type of legal option that will help a person protect their home/property from creditors and debtors when a homeowner’s spouse dies and/or a family is forced to declare bankruptcy.
The point of the homestead tax exemption is to give people who have survived their spouses some relief when it comes to tax time. It’s designed to allow eligible individuals to keep their physical property and to also protect their finances and/or prevent a property from falling into a forced sale situation.
It is very important to keep in mind that this exemption doesn’t protect the homeowner from foreclosure if they fail to keep up with their mortgage payments.
How To Apply For A Homestead Exemption
When it comes to applying for a homestead exemption, there – unfortunately – isn’t a specific set of forms you can fill out to easily get the exemption. The application requirements vary for each state, so make sure to check out your local tax website/county website to look into the exact details and to make sure that you’re complying with your state’s regulations and deadlines.
Fraudulent websites will require a payment to fill out a website – keep this in mind and don’t let yourself be scammed!