what is this? can I receive it if I sold my home for less than what is is worth?
2007-10-15 03:06:08 · 3 answers · asked by bliss 1 in Business & Finance ➔ Taxes ➔ United States
Homestead exemptions are local or state programs that can lower your real estate tax. They don't have anything to do with selling your home, or taxes on selling your home.
2007-10-15 06:42:34 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Homestead exemption tax means that if you owned and lived in your home a certain period of time, you would qualify for a lower property tax rate. It doesn't have anything to do with selling your home for less than it is worth.
2007-10-15 10:16:28 · answer #2 · answered by Anonymous · 1⤊ 0⤋
In my state, California, there is no "homestead exemption tax" but a homeowner exemption equal to the tax on $7,000 worth of value. The fair market value is irrelevant.
2007-10-15 11:01:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋