A Homestead Exemption removes part of the value of your home from taxation and without it, you pay taxes based on the value of your home. Having the exemption lowers the taxable value to the assessed value, lets you pay taxes on the lower amount, and can save you thousands! 

Effective January 1, 2022, a new law allows homebuyers to file or receive their homestead exemption in the same year they purchased the property, given that it’s their primary residence. SB 8 by Senator Bettencourt gave the homebuyers who don’t have the homestead exemption yet the benefit to file for the exemption immediately. 

For instance, if a home was purchased in 2022, the homebuyer can apply for the exemption on the same year or the applicable portion of the tax year, compared to the previous law wherein the homebuyer must wait for the following year to file for the exemption. There is also no longer a requirement of applying before April 30 as there was previously. However, this deadline still applies to other types of exemptions. 

Although the deadline of submission has changed, the process of obtaining the exemption remains the same. You can either contact your county appraisal district office or file your application online by downloading the forms on your respective county websites.  

For more information about the new law, you can read more here.