What is a homestead exemption?

cmill2849 · Joined: 04 Aug 2007 Posts: 2 1.68 Dollars($)

Does a homestead exemption mean you don't have to pay property taxes at all? For the year or forever? is it recurring?
Do most people qualify? Is it only for people who can't afford to pay their property taxes? What if parents had a homestead exemption but then they gave the house to their son?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Cmill,

Homestead exemptions protects part of the value of your home from taxation. The general homestead exemption is $15,000. It means that you don't have to pay any taxes if your home value is within $15,000. To qualify for the exemption, the home owner must use the home as his primary residence. The homeowner may also qualify for the exemption if he is aged 65 years or above. Finally, for the Homestead Exemption you will have to apply at the office of the County Auditor.
Now, if your father gives the house to their son, then he will have to transfer the homestead exemption in his name as he will be getting ownership rights over the property after the transfer.

helping_user · Posted: Sun Aug 12, 2007 11:37 pm Post subject:

Hi Mill,

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Cmill to learn about homestead exemptions - http://en.wikipedia.org/wiki/Homestead_exemption

All times are GMT - 7 Hours

Page 1 of 1