Tax Exemptions
When you are browsing the Homes For Sale on this web site, & looking at the spec
sheets, look down just about the "remarks section". There you'll see the amount
of County Taxes along with the recorded Exemptions associated with that property.
Remember, the tax amount divided by 12 is added to your monthly payment.
Depending on which Exemption is attached to the property you buy can either
raise the taxes or lower the taxes after you buy.
A lot of people get confused on this, so I'll set the record STR8.
But first, I'll share a personal story with you that happened to me:
It was Sept. 1989, I purchased a house from a nice 70 yr. old couple.
They not only had a S.B. 1790 Owner Occupancy Deduction, but
also had a Senior Citizen's Homestead Deduction on the assessment.
This lowered their taxes. When I was at the title co. closing on the
transaction, I signed several papers that day, and really had no clue
what I was signing. Or didn't sign... I feel, my agent was only looking
forward to receiving her commission check, she forgot to have me
sign up for the S.B. 1790 Bill. That following January, my house payment
increased $90. After calling my lender, I found out that both of these
exemptions were removed from my county property assessment.
I was able to get the S.B. 1790 back on (after a year) but not able
to get the Senior Citizen's discount back. (or at least for another 36 years).
So, If I remember, my payment still went up about $40 to $45 dollars.
So for the first year in that house, my payment went up almost $100.
Un-expected...
If you buy from Seniors, & You're not a Senior, The property taxes will increase.
Here's what the Spec sheet will either say...
Exemptions: NO EXEMPTIONS
Exemptions: S.B. 1790
Exemptions: Senior Citizen Homestead Deduction
Exemptions: Senior Citizen's Property Assessment Freeze.
Exemptions: Builder Display
NO EXEMPTIONS (property status before you purchase)
If you occupy the property, at any age, and / or senior, taxes should go down.
S.B. 1790 (property status before you purchase)
If you do not occupy, taxes should go up. If you plan to occupy, you
keep the S.B. 1790 and taxes should remain the same. Seniors can
have both the S.B. 1790 & Homestead Deduction as long as they live there.
Senior Citizen Homestead Deduction (property status before you purchase)
If you are not a Senior, taxes should go up. If you're a Senior, you can keep deduction.
Senior Citizen's Property Assessment Freeze. (status before you purchase)
If you are not a Senior, and you buy this property, your taxes should go up.
Builder Display (property status before to buy)
Builders get a deduction, it's a new house, once you take occupancy,
guess what? your taxes should go up.
Madison County Parcel Information
(Look Up "Last Sold" Amounts & Aerial Picture)
Madison County Tax Bill Information
(Look Up Taxes For Properties)
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