What is the Homestead Credit?

The Homestead Credit, also known as Amendment 79 is designed to give homeowners up to a $350 tax credit on property taxes every year.  Homes qualifying as a primary residence are eligible for the Amendment 79 credit ($350) for the current/purchase year.  The credit limits assessment increases to 5% (plus increases due to new improvements) on residential owner occupied properties and 10% (plus increases due to new improvements) on non-owner occupied residential properties, commercial properties and vacant properties.  Amendment 79 applications must be completed and turned in no later than October 15 to receive the credit for the current year.  In order to have the assessed value frozen, you must be 65 years of age or deemed 100% disabled by social security standards on January 1 of the year you are applying for the benefit;  otherwise it will take effect the following year.  Please note that taxes can still increase on “fixed” parcels because millage rates may increase.  Fixed parcels only receive a freeze in assessed values, not taxes.  Therefore, if the millage rate increases, a homeowner’s taxes will also increase.