Homestead Tax Paying Tips

Video Transcript

"This is Patrick Munro financial adviser talking about what is home steaded. Home steaded is a term that governments will use when they refer to a tax payer. Taxpayers, especially if they are a home owner as opposed to a renter has what is called their home stead. That is their place of natural residence where they declare themselves on a tax return to be a resident of such and such an address on such and such a street or avenue. They, depending on their age receive taxes on that homestead that they are required to pay, property taxes on a regular basis every year. If they get to be a certain age they can receive a homestead exemption as a senior citizen. Because they no longer have children in school and part of those taxes I referred to earlier are school taxes that need to be paid. And of course each municipality depending on how many homes are in the municipality or homesteads establishes what's called a mill rate or a taxation rate accordingly. This is Patrick Munro talking about what is homestead."