|1/20||Second-half year bills mailed.|
|2/20||Second-half year payments due.|
|3/31||Assessment roll to County Council.|
|6/20||Tax rate set by County Council.|
|6/30||End of tax year.|
|7/1||Beginning of tax year.|
|7/1||Deadline for filing dedication petitions.|
|7/20||First-half year bills mailed.|
|8/20||First-half year payments due.|
|9/30||Deadline for filing exemption claims.|
|10/1||Assessed values set for next year.|
|12/1||Assessment notices mailed.|
|12/31||Deadline for assessment appeals.|
The law allows just one (1) home exemption; if a husband and wife live apart and own separate homes, each shall be entitled to one-half (1/2) of one exemption for a maximum period of 2 years.
In order to qualify for a home exemption, you must own and occupy the property as your principal residence with the intent to reside on the island 271 days in a calendar year.
The home exemption is deducted from the assessed value and the homeowner is taxed on the balance. Current home exemptions: $160,000 (<60 yrs old); $180,000 (60 - 70 yrs old); and $200,000 (>70 years old).