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Do all homes qualify for homestead exemptions? |
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No, only a homeowner’s principal residence qualifies. To quality, a home must meet the definition of a residence homestead: The home’s owner must be an individual (not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are over 65, the January 1 ownership and residency are not required. |