Hello, I can't think of any negatives associated with the Homeowner Exemption. However, there is a misconception that the amount saved will have to be paid back at a later date, and this is not true. The Homeowner Exemption can only be applied to the property that is occupied as the owner's principal place of residence. Basically, if an owner owns multiple properties, the Homeowner Exemption can only be applied to the property they live in. If a homeowner is receiving dual exemptions on multiple properties, then they will have to pay back for the exemptions they were not entitled to receive. Good question, and thank you for asking.
Hi, are there any negatives or cons to being approved for the homeowners exemption?
Hello, I can't think of any negatives associated with the Homeowner Exemption. However, there is a misconception that the amount saved will have to be paid back at a later date, and this is not true. The Homeowner Exemption can only be applied to the property that is occupied as the owner's principal place of residence. Basically, if an owner owns multiple properties, the Homeowner Exemption can only be applied to the property they live in. If a homeowner is receiving dual exemptions on multiple properties, then they will have to pay back for the exemptions they were not entitled to receive. Good question, and thank you for asking.