Real Estate Matters: 1.12.2021

PRESQUE ISLE, Maine (WAGM) -Now is the time for potential homebuyers to file an important set of paperwork. Shawn Cunningham explains what that is and how that could mean huge savings for taxes in this week’s Real Estate Matters.

Everyone knows about the importance of filing your taxes by April 15th, but for some homeowners April 1st is an equally important date say local realtors. Its the deadline to file an application for homestead exemption.

Stephanie Fields Realtor, Fields Realty LLC.

“provides a reduction of up to 25 thousand in the value of your home for property tax purposes in order to qualify you have to be a permanent resident of Maine the home must be your permanent residence and you must have owned a home in Maine or a home for 12 months.”

Shawn Cunningham NO STANDUP

But what people who have more than one piece of residential property? Can you thus have more than one exemption?

“the homestead exemption is limited to only a primary residence camps vacation homes second residences do not qualify.”

Fields says the exemption does not have to be refiled every year. It will remain in effect as long as your ownership and residency status remains unchanged. And she explains why the exemption is less than 25 thousand dollars?

“its going to be adjusted by the local certified ratio which is generally the percentage is between the fair market value of your home and the local assessment value.”

And finally she explains why its important to not toss the paperwork aside, but file and file quickly...

“you go to closing a lot of times the title the attorneys the title companies and the realtors will provide the buyers with a homestead application and we suggest that as a new buyer or a new change they take that application to the municipality right away so it is filed.”

She says it could mean huge cost savings for homebuyers in the lonrun. Shawn Cunningham, NS 8.

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