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Ptax 342 R Form Mercercountyil

Ptax 342 R Form Mercercountyil

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Hi everyone and Happy New Year this is Shahid a hill of maximum one rEvalty Atlanta today we're talking about homestead exemption now I'm doing this video for the new year because it's 2019 a lot of people including my clients have purchased homes in 2018, and now it's a time to apply for the homestead exemption to make sure they get it in time for it to affect their 2019 property taxes so what is a homestead exemption it's basically an exemption that the state and the county gives you that reduces your property tax liability so instead of them assessing your house at maybe a hundred thousand they may assess it at ninety thousand because you've declared your home as your homestead that's why it's called a homestead exemption it's pretty much your primary residence you cannot get a home homestead exemption on rental properties or investment properties but check with your local county just to double-check but for the most part that you only can get the homestead exemption on your primary

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