Homeowners who purchased their homes after January 1st 2022 can claim their general homestead exemption for the remainder of the year. This was made possible by Senate Bill 8. To claim a pro-rated exemption:
If you apply during the middle of the year, then the exemption amount will be based on the qualification date. e.g. here is an example on how to calculate prorated homestead exemption.
|Purchased on||1st April 2022|
|Exemption claimed on||1st July 2022|
|Days remaining in the year||183|
|Proration percentage (183 / 365)||50%|
|Prorated Exemption Amount (50% of $100,000)||$20,000|
Note that you still have to wait a year for your homestead cap to take effect.
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