To paraphrase an old saying, our homes are our castles. We pour a lot of our hard-earned money into taking care of them, decorating them, and maintaining them. We also pay a mortgage, insurance, and property taxes. In general, the more valuable your home is, the higher your property taxes are. It only makes sense. However, some homeowners are eligible for something called a homestead exemption, which results in a lower property tax bill.
The homestead exemption, in a nutshell, lets you exclude a portion of your home's property taxes from tax assessment. Depending on the homestead exemption laws in your state, you could save hundreds of dollars on your property taxes. Every state is different with its eligibility requirements, so make sure you check the laws in your particular state and county.
Continue reading for details about the homestead exemption and how you can apply for one.