New Homestead Tax Exemption for homeowners 65 years of age and older.
On May 4, 2023, Governor Reynolds signed House File 718, establishing a homestead tax exemption for claimants 65 years of age or older. In addition to the homestead tax credit, eligible claimants who own the home they live in and are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. For the assessment year beginning on January 1, 2023, the exemption is for $3,250 of taxable value. For assessment years beginning on or after January 1, 2024, the exemption is for $6,500 of taxable value.