Homestead Act For Homeowners In King
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FAQ
The exemption is available for your primary residence and up to one acre of land. A mobile home may qualify, even if the land where the mobile home is located is leased or rented.
Under the changes effective , the homestead exemption is based upon the greater of $125,000 or the median value of a single residence for the previous year for the county in which the real property is located subject to requirements.
If you own your primary residence, you are eligible for the Homestead Exemption on your Real Estate Tax. The Homestead Exemption reduces the taxable portion of your property's assessed value. With this exemption, the property's assessed value is reduced by $100,000.
You must own the property and have an equity interest in it. This includes houses, condominiums, co-ops, and mobile homes. Your home equity must fall within the exemption limits for your county: $179,950 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam.
