‘Homestead Exemption’ Trims School Tax Bills

Potter County homeowners who applied for the “homestead exemption” received a credit on their school taxes this summer, reflecting the discount for owner-occupied homes. School districts will be reimbursed the amount from the gaming monies.

Austin Area School District homeowners had a reduction of $314, identical to last year’s figure. In Coudersport, the tax cut was $176, almost the same as the $179 reduction in 2011. Tax credits in Galeton were $211; Oswayo Valley, $151, Northern Potter, $200.

Many homeowners in local school districts have not applied for the homestead exemption. Those who may qualify will receive another notice/application by mail later this year. They have until March 1, 2013, to apply for the reduction on their 2012-13 school tax bills. Those who are already registered do not need to reapply. Future tax reductions will fluctuate, based on the amount of revenue the state derives from gambling operations.

School tax bills were mailed out in July. Taxpayers will receive a two-percent discount if they pay their bill by Sept. 30. A penalty is applied to payments made after Nov. 30.