What is a requirement to file for a homestead exemption?

To qualify for a homestead exemption, a key requirement is that you need to currently live in a home. This exemption is designed to provide property tax relief to homeowners who occupy their residence as their primary dwelling. The purpose of the homestead exemption is to reduce the tax burden for homeowners and to ensure that the benefits are directed toward those who are actually living in and utilizing the property as their home.

The stipulation of current residency highlights the intent behind homestead exemptions, which is to support homeowners rather than investors or those owning multiple properties without residing in them. Consequently, properties that are not someone’s primary residence, such as commercial properties or investment homes, do not qualify for this exemption. Additionally, not every type of property is eligible for the homestead exemption, meaning that various factors are taken into account, including the nature of the property and whether it is lived in as a primary residence.