The homestead credit exemption is available for senior citizens or disabled homeowners on a limited income. Following are the requirements:
- You must be at least 65 years old (unless you are permanently & totally disabled).
- You must own & live in the home for which the credit is claimed. Ownership must be as of February 1st of the year in which you claim the exemption.
- Your total household income (from all sources) may not be more than $42,000 after deducting medical expenses.
- Your assets may not exceed $500,000, including the market value of your homestead and the value of any assets gifted or otherwise divested within the last three years.
The amount of exemption is dependent on the amount of your annual income. Application is required each year and is done through our office. If you feel you may be eligible or have any questions, please call City Assessor at (701) 845-8123.