Quote:
Originally Posted by westernrider75
Just curious, what is the Save Our Homes Crdit?
|
If you have the homestead exemption then the Save Our Homes credit limits the annual assessment increase to 3% or the CPI, whichever is less. If assessments continue to go up then the difference between the market value of your home and the limited assessment value continues to grow. The SOH benefit can easily exceed $100,000 which means you don’t pay taxes on that much of your home.
The biggest impact will be seen when a home is sold. The homestead exemption and any SOH benefit follows the previous owner. The assessment adjusts to full value for the new owner which can be a surprise.
__________________
Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
|