2011 Homestead Benefit Information for Homeowners Who Sold or Plan to Sell Their Homes

If you have already sold your home or plan to close on the sale on or before June 30, 2012… If you no longer own the property that was your principal residence on October 1, 2011, or you plan to close on the sale of that home on or before June 30, 2012, be sure to answer “No” to the question asking whether you still own the property when filing the homestead benefit application. Otherwise, you risk losing your benefit.


If you sell your home after filing your application… .
The homestead benefit will reduce the tax bill of the person who owns the property on the date the benefit is paid. This means that if you indicated you still own the home when filing your application, and later sell it, the only way to ensure you will receive your 2011 homestead benefit is to take credit for the benefit at the closing of your property sale. If you plan to sell your home, make sure you discuss these instructions with your attorney or closing agent so they can negotiate on your behalf.