To receive the 2 ½% tax reduction on your home you must (1) own the home as of January 1 of the year you are applying, and (2) Occupy the home as your principal place of residence for a substantial part of each year.

The reduction applies to one acre homesite and the home itself. Additional acreage does not apply. The homestead tax reduction does not apply to the following homes: (1) Rental homes or apartments, (2) Homes occupied by someone other than the owner, (3) Homes owned by corporation (profit or non-profit), partnerships, associations or groups, (4) A unit within a building where the building is used primarily for retail, commercial or other non-residential purposes, and (5) House trailers and mobile homes not being treated like real estate.