Homestead Application Requirements In Maricopa
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Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.
A homestead property may be any one of the following: Property in one compact body upon which exists a dwelling house. One condominium or cooperative. A mobile home, or. A mobile home plus the land on which it is located.
1. Property owner (applicant) must be 65 years of age or older. 2. The property must be the primary residence of the property owner and must have lived there for at least 2 years.
As of 2024, the federal homestead exemption is $27,900 for an individual and $55,800 for married couples filing jointly. In contrast, New York's exemption amounts are: $179,950 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam.
Arizona allows a $4,748 Assessed Value property exemption to Arizona resident property owners qualifying as a widow/widower, or a person with total and permanent disability, or a veteran with a service or non-service connected disability.
California. Homeowners' Exemption. Qualifying homeowners can get up to a $7,000 reduction based on the assessed value of their home and primary residence.
