Jasz
VIP Contributor
When buying a new home, it's important to note that you need a homestead exemption from your county's assessor's office. The homestead exemption is a tax break given to homeowners who live in their homes or other residential properties free of charge.
To qualify for this type of exemption, you must meet four requirements:
You must own the land on which your house sits. You cannot be renting it or sharing it with someone else who also qualifies for the exemption.
You must live on the property at least half of the year. For example, if you spend six months of every year on vacation in another location, you're not eligible for this tax break unless at least five out of those six months are spent at home in Pennsylvania or New Jersey.
You cannot receive any income from sources other than wages from an employer who pays you and tax returns from which to deduct taxes paid by yourself or someone else living with you in your home (for example, child support).
To qualify for this type of exemption, you must meet four requirements:
You must own the land on which your house sits. You cannot be renting it or sharing it with someone else who also qualifies for the exemption.
You must live on the property at least half of the year. For example, if you spend six months of every year on vacation in another location, you're not eligible for this tax break unless at least five out of those six months are spent at home in Pennsylvania or New Jersey.
You cannot receive any income from sources other than wages from an employer who pays you and tax returns from which to deduct taxes paid by yourself or someone else living with you in your home (for example, child support).
