Homestead Application Requirements In Washington
Description
Form popularity
FAQ
To qualify, seniors generally must be 65 years of age or older and meet certain income limitations and other requirements. For the 50% exemption, the law allows each county, city, town, village, or school district to set the maximum income limit at any figure between $3,000 and $50,000. $58,400 for a 5% exemption.
Washington lets filers use the homestead exemption under either the federal or Washington state exemption system. However, you can't mix exemptions from both lists, so select the system that will protect your most important assets.
Homestead and Other Property Tax Exemptions. Qualifying homeowners under 65 get up to $4,000. Age 65 and older have no exemption limit. Qualifying homeowners, including disabled veterans and seniors, can exempt up to $150,000 based on the value assessment of their home.
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.
You must live in the home to qualify for the tax break. Some states exempt a certain percentage of a home's value from property taxes, while other states exempt a set dollar amount. If your state uses a percentage method, the exemption will be more valuable to homeowners with more valuable homes.
The property must be your primary residence. Vacation homes, investment properties, and second homes do not qualify. You must own the property and have an equity interest in it. This includes houses, condominiums, co-ops, and mobile homes.
(1) The homestead consists of real or personal property that the owner or a dependent of the owner uses as a residence.
As a senior citizen, you probably will end up paying property taxes for as long as you are a homeowner. However, depending on the state you live in and often once you hit your 60s (usually around the ages of 61 to 65), you may be eligible for a property tax exemption.
Qualifying Activity: Own home in Washington for five years; occupy as a primary residence; have combined disposable income of $57,000 or less; and have enough equity to secure the interest of the State of Washington in the property.
