A Simple Guide to Get the Head of Household Exemption in New Mexico
Did you know that if you’re a New Mexico resident and a homeowner, there’s an easy way to lower your property taxes? The Head of Household Exemption is a simple way to save some cash each year—money that could go toward your morning coffee, a night out, or just a little extra in your savings. Let’s break down this exemption, how it works, and what you need to qualify.
Understanding the Head of Household Exemption
The Head of Household Exemption is a property tax break that lowers your home’s assessed value, which means you pay less in taxes.
Real estate expert Michael Schlichte at Absolute Real Estate explains, “The head of household tax exemption is a free exemption available to all homeowners. It takes a few thousand dollars off your assessed value every single year.”
Benefits of the Exemption
While the savings might not seem huge at first, they really add up over time. Schlichte explained that on his own home, he saves around $250 a year, which totals $2,500 over a 10-year period.
Qualifying Criteria
To qualify for the Head of Household Exemption, you must:
- Own and live in the home as your primary residence
- Provide proof of residency
- Submit a one-page application to your county assessor’s office
Steps to File for the Exemption
Four Simple Steps to Get the Head of Household Exemption in New Mexico
Step 1: Gather Your Documents
Before you head to the county office, make sure you have everything you need. Bring proof of residency, such as utility bills and your tax bill with your name and home address on it
Step 2: Go to the County Assessor’s Office
Take your documents and visit the county assessor’s office. When you’re there, ask for the Head of Household Exemption form.
Step 3: Fill Out the Application
The application is usually just one page. You fill in your basic details, such as your name, address, and account number (which they can provide if you don’t have it).
Step 4: Submit and Wait for Confirmation
Hand in your completed form, and the office will process it. Once approved, your exemption will apply in the next tax cycle, helping you save money on your property taxes.
Key Points from the Video
Michael Schlichte emphasizes the simplicity and benefits of the exemption throughout his interview:
- It’s a free and straightforward process.
- The savings accumulate over the years.
- It requires minimal paperwork and a quick visit to the county office.
Helpful Tips for a Smooth Application
Double-Check Your Documents
Ensure you have all the required paperwork before heading to the county office. This usually means proof of residency, such as utility bills and your tax bill. As Schlichte suggests, “Anytime you’re dealing with government offices, it’s best to have more than what they ask for, just in case!”
Be Proactive
Don’t wait for the county to reach out to you. Taking the initiative to file the exemption yourself will save you time and ensure you’re not missing out on money-saving opportunities.
Stay Up-to-Date
Keep yourself updated with any changes in your county’s requirements or processes for filing the exemption.
Real-Life Example
Schlichte’s personal story highlights the ease and benefits of filing for the exemption. “I realized I owed the County $1,500. When I was at the window, she reminded me that I don’t have my head of household exemption. Once I filled out the paperwork, I was set for the next assessment cycle.”
Common Questions and Answers
Is the exemption only for new homeowners?
Not at all! Any homeowner who meets the criteria can apply, no matter how long you’ve owned your home. It’s a benefit available to help reduce property taxes, so it’s worth taking advantage of.
What if I move?
If you move to a new primary residence, you’ll need to reapply for the exemption at your new address. This ensures the tax savings are correctly applied to your current home, so you don’t miss out.
Can I apply online?
Some counties offer online applications, but it’s always best to double-check with your local assessor’s office to see what’s available. They can provide the most up-to-date guidance on how to submit your application.
Make the Most of Your Property Tax Benefits
Applying for the Head of Household Exemption in New Mexico is an easy way to save on your property taxes each year. By following the steps we’ve outlined, you can start enjoying those savings without much hassle. After all, every bit of savings counts when owning a home!
If you have questions or need more guidance, reach out to Absolute Real Estate. We’re here to help you navigate the process and maximize your homeownership experience.
