Lauderdale County Tax Assessor Whitney Hodges is reminding residents the deadline to file for homestead exemptions and return business renditions is just a few weeks away. All homestead applications and renditions must be completed by April 1.
Homestead exemptions save residents money on their property taxes, with several different exemptions available. A regular homestead exemption can be filed by homeowners of any age and can reduce property taxes by $100-$300.
Residents over 65 are eligible for an increased exemption, which waives taxes owed on the first $75,000 in property value. Veterans considered 100% disabled qualify for a total exemption from property taxes.
To file for homestead, residents must have owned the property on or before Jan. 1. A homestead exemption worksheet is available on the Tax Assessor’s website.
Residents who have previously filed for homestead but have had changes to the deed will also need to reapply.
Hodges said her office has taken in more than 1,100 homestead applications so far this year and residents are encouraged to take advantage of the opportunity during the application window.
In addition to homestead applications, the Tax Assessor’s office is also reminding business owners that renditions are due. State law requires businesses to submit real property renditions to the Tax Assessor each year by April 1.
Hodges said businesses with no change in assets can simply sign and date the form mailed to them and send it back to complete the process.
Businesses that do not file renditions by the deadline are assessed a 10% penalty on the assessed value of their assets. That penalty compounds for each year missed and can add up quickly.
While there are more than 3,000 businesses in Lauderdale County, just over 700 renditions have been received thus far, Hodges said, and she wants to encourage businesses to complete the process ahead of the deadline.
Rendition forms were mailed to each business in the county earlier this year and are also available online.
The Tax Assessor’s office will be open 8 a.m. to noon Saturday, March 21, to help those unable to come in during regular working hours.
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