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 2024 |
|---|---|
| Exemption claimed on | 1st July 2024 |
| Days remaining in the year | 183 |
| Proration percentage (183 / 365) | 50% |
| Prorated Exemption Amount (50% of $100,000) | $50,000 |
Note that you still have to wait a year for your homestead cap to take effect.
Articles presented here are for general information and education only. It is provided as a courtesy to the general public. SQD Taxtech LLC does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors or persons quoted as of the date of the article with no obligation to update or notify of inaccuracy or change. This article may not be reproduced, distributed or further published by any person without the written consent of SQD Taxtech LLC. Please cite source when quoting.
SQD Taxtech LLC, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies presented, taking into account your own particular circumstances.