Remember to file HS-122 with your income taxes!
Purpose: The declaration ensures that the property is assessed the correct homestead education property tax rate, which is different from the non-homestead rate.
Form Required: You must complete Form HS-122, the Homestead Declaration and Property Tax Credit Claim. If you are also claiming a property tax credit, you will need Schedule HI-144, Household Income.
Filing Deadline: The deadline to file is April 15 annually. Even if you file an extension for your income taxes, the Homestead Declaration must still be filed by the April deadline.
Penalty for Late Filing: Filing after the April 15 deadline may result in a penalty of up to 3% of the non-residential education tax rate difference and/or a $15 late fee from your town.