tax exemptions?

Question

on home property tax what is a hs exemption?

Answer 1

Very few taxing authorities do not allow some tax exemption for homestead property.
To qualify in most causes the home must be on the title.
Everyone that is purchasing a home or own a home should have it homestead, because one have additional legal rights.
You will need to call the property taxing authority, sometimes this is a taxing district, and find out how to apply for homesteading your home. Most of the time it requires you to pick up and return the paper work at their office. Note: Most taxing authorities have a cut off date in April or May so you will not quality for any tax deduction on homestead this year, but will appear on next year's tax statement. You can only homestead one home in any given year. And unless you move, you normally do not have to file each following year.

Answer 2

I've seen states where the public tried to get some type of tax limits on the ballot so voters could put an end to spiraling property tax levies. Always something in the way the proposition was written or for some other reason, the public never go to vote on the changes. But the law makers seeing that the voters had had enough and wanted something done tried this homestead exemption to try and stop the hoard of upset taxpayers. So,, they decided to give people an exemption for their main home,, maybe $200. to $300. per household. If they had other property that was not subject to any exemption, just the main home. Also some states enacted a law that prevents property tax on any seniors home being raised. same "freeze" of property tax if a person becomes 100% disabled.

Answer 3

Some areas make a homestead exemption available to some or all homeowners - this is an amount of your assessment that isn't subject to real estate taxes, usually for a specific period of time.