What is this all about? Would it actually save money? Who qualifies?
2007-04-17 07:07:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
In Texas, every homeowner is entitled to file a homestead expemtion on their primary residence (the homestead). This gives you a break on your property taxes--you pay about 20% less than you would if the property was a rental or commercial property.
Certain people (elderly, blind, disabled) are entitled to additional exemptions. You should definitly file one and take your exemption if you're entitled to one. It will only reduce your taxes.
2007-04-17 07:59:02 · answer #1 · answered by lizzgeorge 4 · 1⤊ 0⤋
The homestead exemption in my state is a status given to the home you live in, making it free from civil process (other than mortgages on the property which contain a waiver).
Unless "homestead exemption" refers to something else in your state, I confess I'm unable to imagine how this would be taxable.
Please try to provide more information.
2007-04-17 07:39:44 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
it is not that straightforward. sure, you record and if eligible you will get an exemption below each and each tax. each and each will decrease the tax base they use to calculate the tax they're charging. while accomplished, you will owe the whole of the relax tax. Texas is expensive. 2% of the domicile's fee isn't uncommon.
2016-11-25 01:24:06 · answer #3 · answered by bynd 4 · 0⤊ 0⤋
"Homestead" means different things in different states. Specify your state for a meaningful answer.
2007-04-17 09:04:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋