Deadline Thursday For ‘Homestead’ Tax Reduction

Homeowners who want to qualify for reduced school taxes have until Thursday, March 1, to apply for the Homestead Exemption, which requires school districts to cut real estate taxes on owner-occupied homes. In short, if you own the property in which you live, you are likely eligible for the tax reduction. Those who have already qualified for the tax exemption in 2009, 2010 or 2011 do not need to reapply. Applications are available on the county’s website here (click on Departments/Tax Assessment).

Taxpayers who qualify for the homestead exemption will see a credit on their school district real estate tax bill in the fall. The tax reduction is significant. For instance, in the Coudersport Area School District, taxes were reduced by $188 for each of the 1,339 owner-occupied homes registered for the program in 2010. In the Austin Area School District, the exemption for the 409 registered homeowners was $324.

School districts are reimbursed the amount of revenue lost through these exemptions from gambling revenues at state-licensed casinos. Homeowners are advised to contact their school districts if they have questions. Potter County homeowners with further questions should call 274-0517.