Renewal forms for the Senior Citizens Homestead Exemption and the Senior Citizens Assessment Freeze Homestead Exemption have been mailed from the Shelby County Supervisor of Assessments Office.
Homeowners who will turn age 65 in the year 2014 should come to the Supervisor of Assessments Office in the Courthouse to sign up for the Senior Citizens Homestead Exemption and the Senior Citizens Assessment Freeze. They may sign up for the exemption anytime during the year they turn age 65. Renewal forms will then be mailed each year.
The Senior Citizens Homestead Exemption is an annual exemption for persons age 65 and older regardless of income. The amount of this exemption is a maximum of $5000.
The Senior Citizens Assessment Freeze Homestead Exemption allows qualified senior citizens to have their home’s equalized assessed value (EAV) frozen at a base year value. The base year is the year before the year you first qualify and apply for the exemption. The amount of your exemption benefit is your property’s current year EAV minus your frozen year value. To qualify for this exemption you must be 65 or older during 2014, your total household income in 2013 was $55,000 or less, your own the property and it is your principal place of residence. You do not qualify for this exemption if your property is assessed under the mobile home privilege tax. Freezing your property’s EAV does not mean that your property taxes will not increase. Your tax bill could increase if the tax rate increases. Your EAV and tax bill may also increase if you add improvements to your home.
Those who qualify for the Senior Citizens Homestead Exemption may also qualify for the real estate tax deferral. Contact the Treasurer’s Office for more information on the tax deferral.
The General Homestead Exemption (Owner Occupied) is the difference in the current EAV and the EAV of the property in 1977 up to $6,000. To qualify, one must own and live in the property as of January 1 of the assessment year and be responsible for the real estate taxes. The exemption will apply to single-family residences subject to a lease if a copy of the lease is filed with the Supervisor of Assessment Office. The lease must state that the lessee is liable for and will pay the real estate taxes.