Tax Exemption Deadline approaching

March 15, 2021 is the deadline to file tax exemptions for homestead, extended homestead, business personal property and all other personal property such as farm equipment.

To file for an extended homestead, a person cannot exceed a gross income of $20,000 but there is no age limit. To file for a valuation limitation, the qualifications are age 65 or older with a gross income of $56,800 or below.

Taxpayers must qualify for homestead exemption to apply for the valuation limitation. This limitation will cap the value of property, so it will not increase unless an improvement has been made to the property. These exemptions need to have the income verified, so persons will have to bring in proof of income by March 15, 2021.

If a taxpayer needs to file homestead for the first time, please go by the Marshall County Accessor’s Office located at 100 Plaza #105 in Madill by March 15, 2021. If a homestead exemption has already been established, then the taxpayer does not have to reapply.

Personal property renditions are also due. Business owners need to file a complete listing of all equipment and inventory by March 15, 2021 or a accrue penalties. All farmers and ranchers need to assess their farm equipment by March 15, 2021 or a penalty will be applied. Filing late results in a 10% penalty starting March 16 through April 15, and anything beyond April 16 will accrue a 20% penalty.

For a new or newly purchased mobile home, please bring a copy of the title to the office, or there will be a penalty after March 15, as well.