Homestead Declarations and
Property Tax Adjustments

BUYING AND SELLING PROPERTY

Buying
On or before April 1 current year  You are responsible for filing the homestead declaration. If you buy a home after April 1 of the current year, the seller is responsible for filing a homestead declaration, if applicable. The property tax adjustment amount is allocated to the seller upon closing unless the parties agree otherwise.

After April 1 previous year  If the property was declared a homestead as of April 1 of the previous year by the seller, use the property tax bill issued to the previous owner. If the property was not declared as a homestead as of April 1 of the previous year but you can declare it as your homestead on April 1 of the current year, request the town clerk to provide the housesite value and property tax information for the property as if it were a homestead on April 1 of the current year.

Selling  
On or Before April 1 current year  If you filed Form HS-122, but sell the property on or before April 1 of the current year, you are responsible for withdrawing the homestead declaration and property tax adjustment claim. You will be responsible for repayment of a property tax adjustment if issued. Use Form HS-122W

NOTE: If you purchase, own and occupy a new home by April 1 of the current year you are the one responsible for filing Form HS-122 for your new home.

After April 1 current year  If you filed the Form HS-122, but sold the property after April 1 of the current year, the property tax adjustment amount is allocated to the seller upon closing unless the parties agree otherwise. The property tax adjustment is your payment on the property taxes and needs to be considered at the closing when pro-rating the property taxes.