Homestead Property Tax Credit

Homeowners who pay more than 3.5% of their income in property taxes can be eligible for a credit or rebate on their state income taxes.

Homestead can impact closing costs when you purchase a new home. If the sellers own more than one home they are only allowed to claim one property as their homestead. If the home they are selling is not considered their homestead, the buyer will be responsible for paying the prorated amount of a non-homestead property. The Tim Sova Team can help buyers to negotiate with sellers to offset this cost.

Contact us today to discuss all your real estate needs, including questions about the Homestead Property Tax Credit and how it affects you.