Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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H

505.0000 HOMEOWNERS' EXEMPTION

Annotation 505.0135

505.0135 Under Construction. The exemption should not be allowed on a dwelling under construction if the owner lives elsewhere and plans to move into it when completed. However, if the owner actually occupies the dwelling as his principal place of residence, he may receive the exemption. If the owner does not occupy the dwelling under construction but lives in a trailer coach or other abode on the property, no part of the exemption may be applied to the dwelling under construction. The exemption may be applied to the abode or to the land on which the abode is located. If the owner is occupying an existing dwelling and is remodeling or adding to it, the exemption should be allowed on the assessed value of the entire property. LTA 3/23/1982 (No. 82/50).