Principal Residential Exemptions (Homesteads)

If you own and occupy your own home, it may be exempt from the 18-mill school operating tax. If a home is worth $100,000 and has a taxable value of $50,000, the savings to you would be $903 per year. To claim an exemption, complete the principal residential exemption affidavit and file it with the City Assessor by June 1. If you qualify for a principal residential exemption, the City Assessor will adjust your taxes on your next property tax bill. Note that this is an exemption for part of your taxes, not from your taxable value.
If you need to rescind or withdraw a homestead, please use the following form:
Conditional Rescission
If you have moved out of your home and have it listed on the open market, it is not rented or used for commercial purposes you may qualify for a conditional rescission. As this type of rescission is conditional there are criteria that must be met.
FAQs
  1. What is a conditional rescission?
  2. How do I apply for a conditional rescission?
  3. How long is a conditional rescission effective?
  4. Do the Request to Rescind Principal Residence Exemption (Form 2602) and Form 4640 both need to be filed?
  5. Can I submit Form 4640 and receive the PRE under a conditional rescission for the 2008 tax year?
  6. If Form 2602 was filed in early 2008 and the exemption was removed effective for the 2009 tax year, can an owner submit Form 4640 and receive the PRE under a conditional rescission?
  7. Can the property be for sale by owner?
  8. Can I qualify for a conditional rescission if I was receiving a 60% PRE on my property since I rent out the other 40%?
  9. If an owner misses the May 1 or the December 31 deadline, can the Board of Review reinstate the PRE under a conditional rescission?
  10. Does a conditional rescission apply to homes in foreclosure where the bank has taken possession but where the home is vacant and for sale?
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