by CASEY TINIUS / CFP®
If you are nearing or have already reached age 65, how would you like to save $860 a year just by filling out an application and providing proof of your age?
Yes it really is that easy if you take advantage of the Homestead Exemption. This exemption allows a reduction in the assessed value of your personal residence of $39,300, which means a sizeable savings on your annual property taxes. Below are some key facts regarding the Homestead Exemption.
- You or your spouse must be at least age 65 in the year you apply.
- The Exemption can reduce the assessed value of your home by $39,300.
- No this will not hurt you if you go to sell your home!
- Proof of age is required by a valid Birth Certificate, Driver’s License or Passport.
- You must own and occupy the residence, which would rule out any rental properties.
- Applications can be submitted through the mail or by going to the PVA office.
- One advantage of going to the PVA to get your application processed is that you may receive a refund authorization for previous years. Meaning if you apply at age 67 you could receive a partial refund for taxes paid in previous years.
- Bowling Green City Tax Rate – 1.389%
- Homestead Savings – $545.87
- Warren County Tax Rate – 0.8%
- Homestead Savings – $314.40
The Homestead Exemption is a quick and easy way to save on the taxes you pay. Apply by the end of the year and you may be eligible to get a break on 2020 taxes that have already been paid.
Feel free to reach out to our team with any questions.