Taxes and Homestead Exemption
Taxes and Homestead Exemption
Madison County has a Homestead Exemption that is applied to all primary residences. As you are probably aware, homes are assessed for tax purposes. Once your Homestead Exemption is applied for, your taxes will be 10 % of the assessed value x the millage rate. Application for the exemption may be made at the Assessor's Office. Your closing attorney will explain the application process in more detail.
REMEMBER, FAILURE TO APPLY FOR HOMESTEAD EXEMPTION COULD COST YOU A GREAT DEAL OF MONEY!
