The transition from renting to owning is a big step for anyone deciding to make the leap. One of the few key benefits home-ownership offers is tax deductions on a mortgage interest payments as well as Homestead-tax-exemption. With these tax savings you can often realize a greater return than if you were renting. According to the Lafayette County Tax Assessor :
Homestead Exemption is available, upon request, to homeowners who reside and pay all local and state taxes in the taxing district.
There are two types of Homestead Exemptions available: Regular - allows up to $300.00 credit on a home with a $75,000 or more appraised value.Special - is for residents who are 65 years of age before January 1 of each year or who are 100% disabled. This exempts up to $75,000 of the appraised value.
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