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Local News

January 26, 2013

Deadline for filing homestead exemption for 2013 is March 15

Ada —  

The deadline for filing homestead exemption for 2013 is March 15.

All new homeowners who have bought and moved into a different home by Jan. 1, 2013, need to file for their homestead exemption by March 15.

One hundred percent disabled veterans and surviving spouses of 100 percent disabled veterans may file for property tax exemption on their homesteaded property for 2013. These applicants will need to take their qualification letters stating 100 percent disabled veteran or a surviving spouse of a 100 percent disabled veteran from the U.S. Department of Veterans Affairs and a picture identification. The applicant must meet homestead exemption qualifications.

Personal property needs to be assessed by March 15. 2013. Personal property that should be assessed each year includes mobile homes, tractors, and farm equipment (implements) and business assets on all businesses in Pontotoc County.

An individual head of household who is 65 years of age or older and whose gross income from all sources did not exceed $50,900 for the preceding year may apply to have their assessed value frozen on their homesteaded property. The frozen status of the property will be cancelled or revised when the following occurs: person no longer owns or occupies the property, gross income exceeds $50,900, or improvements are added to the property. Actual taxes may change due to bond issues being passed.

Application for additional homestead exemption can be made for homeowners regardless of age whose gross household income (total of all sources of income in the household) is $20,000 or less. Manufactured home owners that own their mobile home but not the land that it sits on can apply for an exemption if the head of household is 62 years of age or older and if the gross income from all sources in the household is $25,450 or less.

 

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