54 Housing 54
ousing
HA for more information. Property Taxes and Homestead Exemption
A Homestead Exemption is a tax reduction a property owner may be entitled to if he or she owns a single family residence and occupies it as their primary residence on the fi rst day of the tax year for which they are applying.
There are four types of homestead exemptions: 1.
Regular Homestead Exemption, or
Homestead 1, is available to all citizens of Alabama who own and occupy a single-family residence, if the property is used for no other purpose. The amount of the exemption is $4,000 of the assessed value for the state taxes and $2,000 of the assessed value for the county taxes.
2. Homestead Exemption 2 is for persons
age 65 or older whose adjusted gross income on the state income tax return is less than $12,000 annually. This exemption is for all state and county taxes up to $5,000 in assessed value. Those who are permanently and totally disabled or blind, regardless of income are entitled to this exemption.
Homestead Exemption 3 is for all persons age 65 or older, or who are totally disabled. This exemption is for all property taxes if their annual taxable income on the Federal Tax Return is $7,500 or less.
3.
Homestead Exemption 4 is for all persons age 65 or older, regardless of income. This exemption is for the total assessed value of the state taxes and up to $2,000 of the assessed value of the county taxes.
4. Exemptions should be applied for between
Oct. 1 and Dec. 31 based upon the status of the property as of Oct. 1. For homestead exemptions 2 and 3, an application for special homestead exemption is mailed Oct. 1 to previously quali- fi ed homeowners allowing them to renew their special homestead exemption each year. Contact
Senior Resource Directory 2017-2018
your local county administrative offi ce to inquire about homestead exemption and your status.
USDA Rural Development USDA Rural Development is a federal
agency whose mission is to help rural Americans improve the quality of their lives. Some of the programs available through USDA Rural Development help fi nance new or improved housing for moderate-, low- and very low-income individuals/families. General descriptions of these USDA Rural Development programs are provided below.
Home Repairs 504 Loan and Grant Program
USDA Rural Development offers a home
repair loan and grant program, called 504 Loan & Grant Program to very low-income households who are owner/applicants. This program does not apply to home rental properties.
• Maximum loan amount is $20,000 at 1% interest for up to 20 years.
• Maximum grant amount is $7,500 - lifetime limit. Applicants must be 62 years of age or older. • Loans may be used for remodeling. Grants may only be used to remove health or safety hazards.
Loans can be used for the following purposes:
• Dwelling improvements • Dwelling modernization • Removal of safety hazards • Removal of health hazards
Loans cannot be used for the following:
• New construction • Repairing dwellings in such poor condition that they would continue to have a major hazard after repairs are made • Moving a home or relocating mobile/ manufactured homes • Off-site improvements • Refi nancing debts
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