House Bill 718: Homestead Exemption for Taxpayers 65 or Older

GOVERNOR REYNOLDS SIGNS HOUSE BILL 718: HOMESTEAD EXEMPTION FOR TAXPAYERS 65 OR OLDER

• This exemption is on top of receiving your yearly Homestead credit
• Takes $3,250 off your taxable value for 2023 assessment year (taxes payable Sept. 2024/March 2025); $6,500 off 2024 assessment year (taxes payable Sept. 2025/March 2026)
• Must be at least 65 on or before January 1, 2023
• After applying, this exemption will stay on for consecutive years – there is no need to re-apply each year
• For military veterans, the state is automatically increasing the exemption from $1,852 to $4,000 starting with the 2023 assessment year – there is no need to re-apply for that credit if you already have it
• Disabled or Elderly Tax Credit (INCOME based) is handled through the Woodbury County Treasurer’s Office at 822 Douglas St.  All questions need to be directed to their office. 712-279-6495