What is a Homestead Exemption? When you purchase a home and are using it as your primary residence in many states you qualify for a homestead exemption. In most cases this will mean a lowering of your taxes. This may also qualify you for lower tuition in state schools. You have to file for this yourself at your local County tax appraisal office. In some states such as Florida you may fill out your homestead exemption and file it online. There is generally a cutoff date that you must file by or you will lose it for one year. Be sure to contact your local tax appraisal office about this exemption as you will save a great deal of money.
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