Yes, if you own and occupy your home as your principal residence, then you can file a form with the City Assessor and have your annual taxes substantially reduced. Such homeowners do not pay the 18-mill local school operating tax; this will reduce your annual tax bill by over 25%. You can have only one main principal residence even if you own more than one home. Please contact the City Assessor’s office if you think you qualify but have not yet filed the proper form. Note—If you have an additional lot that is assessed separately and is part of your yard, you can also receive this exemption on that parcel too. Contact us for the Principal Residence Exemption form.
Starting in 2008, a homeowner can establish a new PRE on a second home AND keep the PRE on the first home for up to 3 years, as long as the first home is:
- Not occupied
- For sale
- Not being leased
- Not being used for any business or commercial purpose.
A form must be filed with the Assessor’s Office no later than May 1st after the PRE is claimed on the newly purchased home.
The owner must also re-file this form each year by December 31, to continue the exemption for up to two additional years if the property remains qualified.
Also, many homeowners qualify for the Homestead Property Tax Credit, a program where the state pays you for part of your property taxes. This program is available even if you do not file a state income tax return. Contact us for information about the program.