Homestead Tax Exemption Now in Effect

A Homestead Exemption for Foster residents was approved on April 25, 2024 by the Foster Town Council. This will allow taxpayers who live in the homes they own to have a reduction in their assessments. It will also allow for one additional dwelling unit on the property to be included. Each year the amount of the reduction will be determined by the Foster Town Council. The exact percentage of the reduction, ranging between 20% and 35%, will be determined before the tax roll is certified. This reduction will then be applied to the property assessment for the current year which will reduce the amount of taxes owed. Excluded from the Homestead Exemption will be those residential properties that are already on a tax freeze, properties under construction that have not received a Certificate of Occupancy, and vacant land.

To take advantage of this exemption, you must complete and return the Homestead Exemption Application and an Affidavit of Residence to the Town Hall along with the required supporting documentation. For properties owned by Trusts, an additional notarized Affidavit of Residence must be submitted with this application. The deadline for submission is May 30, 2024. Please note that applications received after this date will not be eligible for the current year.

For your information additional documents are attached below. Please note that applications will be sent out by mail to eligible residents. You should received them in a few days.