Exactly what does a homestead exemption do in relation to real estate taxes?

Answer 1

it exempts you from paying taxes on the first $75,000 dollars of the value of your home.

$100,000 home, you pay taxes only on $25,000

Answer 2

Homestead exemption protects the homeowner for the first $100.000 of value against unforeseen liens.
State of AZ. Similar law written in other states. The value may be different.

Answer 3

In some states, If you:

1. Own the home, AND
2. Live in the home,

Then your local tax collector will deduct a certain amount of money from the assessed value of the home before calculating the yearly property taxes.

Not all states offer it, and the amount deducted varies from state to state.

Answer 4

The amount will vary depending on where you are and what the rules are in your location, but basically if you qualify there's some portion of your assessment that you won't have to pay property tax on.

Answer 5

Homestead exemption is deducted from the assest value of your property. The assest value is the value the property appraisers put on your property only for tax reasons. This value has nothing to do with market value. You have to find out, how much you actually qualify to received. I hope this helps, [e-mail]