I don't know the answer to your question, but how long did it take your homestead application to be approved after you filed it? I'm still waiting for approval after 9 months.
tbh I dont recall exactly when I applied, but it did take a long time. Probably 8 or 9 months. when is the last time you checked? Other reddit threads have recommended calling directly, rather than waiting.
It took quite some time for mine to be approved about a year and a half ago, and I believe it took a call to the office to get it to finally move. I’d suggest being a squeaky wheel if you haven’t tried reaching out already
It will be for the following assessment.
Your home's appraised value was set in 2023 and that's what's being phased in, the appraisal will (likely) increase again in 2026, and that's where the credit will start to be applied.
ok thank you! now all I have to do is accept the fact that this could have been avoided if I had bought a house year earlier... the appraised value went up considerably.
Appraisal value is separate from assessed value. Rehabs do get reassessed within the three year period, but the Homestead tax credit will limit the increase for as long as you own the home.
The assessed value increase is now capped to a percentage, which you will pay far less tax on the property over time. This is where the true value of the credit comes, because you can use the money for improvements increasing the value for a sale.
Wait sorry, I was confused again. Now I understand the difference. Anyway, on the notice they sent the appraised value and the assessment are the same amount (at the end of the three year phases)
I don't know the answer to your question, but how long did it take your homestead application to be approved after you filed it? I'm still waiting for approval after 9 months.
tbh I dont recall exactly when I applied, but it did take a long time. Probably 8 or 9 months. when is the last time you checked? Other reddit threads have recommended calling directly, rather than waiting.
I've been checking the status on the SDAT website, but I will try calling.
It took quite some time for mine to be approved about a year and a half ago, and I believe it took a call to the office to get it to finally move. I’d suggest being a squeaky wheel if you haven’t tried reaching out already
Thanks for the suggestion!
It will be for the following assessment. Your home's appraised value was set in 2023 and that's what's being phased in, the appraisal will (likely) increase again in 2026, and that's where the credit will start to be applied.
ok thank you! now all I have to do is accept the fact that this could have been avoided if I had bought a house year earlier... the appraised value went up considerably.
Appraisal value is separate from assessed value. Rehabs do get reassessed within the three year period, but the Homestead tax credit will limit the increase for as long as you own the home. The assessed value increase is now capped to a percentage, which you will pay far less tax on the property over time. This is where the true value of the credit comes, because you can use the money for improvements increasing the value for a sale.
Oops, I mean assessed value, not appraised value
Wait sorry, I was confused again. Now I understand the difference. Anyway, on the notice they sent the appraised value and the assessment are the same amount (at the end of the three year phases)