Metropolitan Board of Equalization notices will be mailed Aug 15, 2008.

     

Jo Ann North

Property Assessor

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Homebelt Program

When the market value of residential property is increased greatly because of its location in a commercial zone, a property owner may qualify for property tax relief through what is affectionately known as the "Homebelt Law".

In order to qualify, a property owner must make application with the Assessor of Property and the following requirements must be met:

  • The property must be located and zoned for commercial use.

  • The property owner must use the property solely for residential purposes.

  • The dwelling must have been occupied by the property owner or their lineal descendants for a period of twenty five (25) years or more.

  • The property owner must live in the dwelling at least nine (9) months each calendar year.

  • The maximum land area that can qualify is five (5) acres.

Once approved by the assessor, the assessment on such property will be based on an appraisal as if the property were located in a typical residential area.

Should the use of the property change and no longer qualify, the property owner has the duty of notifying the assessor.  Upon discovering that the use of the property under "Homebelt" has changed, the assessor shall reclassify the property at its market value for subsequent tax years.  Any change in use of qualified property that does not timely come to the assessor's attention the property owner is subject to pay the difference in taxes plus penalty and interest from the date of the change of use.

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Updated: 08/11/2008 03:12 PM CST   |  © 2005 PADCTN.COM

 

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