ASHLAND • The Benton County Tax Assessor’s office is now accepting applications for homestead exemptions and personal property renditions for the 2020 land roll.
If you are a new home owner, turned 65, have become disabled, divorced, widowed, remarried, moved residence, or have had any type of deed change in 2019, you need to come by the Tax Assessor’s office and file a new application before Wednesday, April 1, 2020.
Also, anyone who owns a business needs to file their personal property rendition before April 1 to avoid a 10 percent penalty which is added to the tax statement if not received before the deadline.
If you have any questions, contact the Tax Assessor’s office at 224-6315.
Homestead exemptions are tax breaks which can save applicants hundreds of dollars.
The exemption applies to single family owner-occupied dwellings. In some cases, joint owners could receive a partial exemption.
Those who received the exemption in 2019 and who have not had a change of residence or status don't need to seek a new exemption.
Homeowners should apply if:
—They or a spouse became disabled in 2019—100% DAV.
-- Either husband or wife turned 65 during 2019.
—A new home was purchased or a move was made in the past year.
—More land was added to the home site.
—A spouse died, or the principals were married, divorced or separated during 2019.
Homestead exemptions must be made at the county tax assessor's office.
Those filing for the first time should bring Social Security numbers for themselves and spouses, Mississippi vehicle license plate numbers, and copy of deed.
The exemption gives a ten percent assessment on the value of a home. That's a one-third reduction from the 15 percent assessment placed on most other real property.
Additionally, up to $300 can be taken off the top of a qualifying homeowner's tax bill.
Qualifying homeowners who have turned 65 or who are certified as disabled pay no property taxes on the first $75,000 value of their home.
Failing to apply for the exemption by the deadline eliminates access to the exemption until the following year.