We bought a house last year and our closing attorney mentioned to claim it as a homestead exemption since that would save us some money on our taxes. We still have not done that. Is it too late now? Where do you go to do that and what documents do you need?
2006-09-15 00:47:22 · 7 answers · asked by Sunshine528 2 in Home & Garden ➔ Other - Home & Garden
Homestead exemptions are of two types: (1) a reduction in real estate tax (which I assume you mean) and (2) an exemption from creditors' claims (in FL, TX and a few other states), although the new bankruptcy law severely limits that exemption if you ever file for bankruptcy protection.
Here's an informal summary of the California homestead provisions: http://www.wwlaw.com/homestd.htm
To get the homestead tax benefit you should call your county tax assessor's office. You haven't said where you live, so I can't give you the number.
2006-09-15 00:57:02 · answer #1 · answered by Anonymous · 3⤊ 0⤋
didnt say where u are but id have to guess maybe Hawaii or close.they have homestead exemptions. It means the land is owned by the state but native familys are given the land to build and live on and therefore they are exempt from certain taxes. I imagine your attorney has all the paperwork and usually u have about 6 months after purchase date to claim the exemption....I'd get on it and have all the necessary paperwork done and hope it's not to late. In case you weren't informed,homesteads also stay in the family to be passed down through the generations,,,,you need to check on all the state laws and taxes.and good luck
2006-09-15 01:08:00 · answer #2 · answered by solsbj 2 · 0⤊ 0⤋
Call your taxing authority (probably county) and ask for the forms and get them in. I live in Texas and the county is where is got mine. The form may even be on-line.
If you have more questions, call the attorney........he owes it to you you give you more info in the subject. Or call your mortgage company. You could also ask your Realtor.
Get with it or you will wind up paying more taxes than you need.
STOP PROCRASTINATING!!! I i know that is hard to do.........I face simple chores with dread sometimes. I guess you just need more facts to get you to move on it...........Make it happen TODAY! I forgot to say that a homestead exemption is a tax reduction that is given when the property you own is used as your primary residence.
2006-09-15 00:53:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's an ancient way of subsidizing prospective home steaders, and enticing them to populate areas.
Here in Central FL, they are trying to do away with it.
I've purchased 2 homes in the past,,,using it, and was excused up to 25K for the house value in taxation. It's an easy thing to find out,,,just connect with the local tax assessor.
Rev. Steven
2006-09-15 01:12:40 · answer #4 · answered by DIY Doc 7 · 1⤊ 0⤋
It relies upon. you may in basic terms have a million resources that has the exemption. if you're claiming the exemption he can not. you may ought to fullyyt get rid of your self from call and elements him the position.
2016-11-27 00:17:43 · answer #5 · answered by ? 4 · 0⤊ 0⤋
It depends on what state you live in. I"m assuming that you live in FL because of your ID. Check with the tax assessor in your area and they'll be able to tell you what you need to do.
2006-09-15 01:02:15 · answer #6 · answered by sunssecret 3 · 0⤊ 0⤋
I believe it varies from state to state; I'd need to know where you are located.
2006-09-15 00:50:06 · answer #7 · answered by wizjp 7 · 0⤊ 0⤋