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Eligibility criteria and how to file homestead exemptions

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?

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 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.

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helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mill,

[quote:63e144892e]Does a homestead exemption mean you don't have to pay property taxes at all?[/quote:63e144892e]
No, its does not like that you do not have to pay the property tax at all. Imposing homestead exemption, you get exemption of a fixed amount on total assessed value of property. For example, if in your state fixed exemption amount is $50,000 and the total property value is $150,000, then calculated assessed value is $100,000.

[quote:63e144892e]Do most people qualify?[/quote:63e144892e]
Regarding qualification and even exemption amount get varies with state-to-state. If you can pass on the state where you are living, then it will be easier us to provide you actual eligibility criteria.

Thanks

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a townhome worth 181,000. It is and has been my primary residence for 10 years in Lakewood OH. Will I be able to get an exemption and for how much? Thank you.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Juanita,

As far as I know, you can get a homestead exemption on a town-home. You can contact your county property appraiser who can give you the details regarding this.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I'm A first time buyer, i just bought my home a year ago today.. what kind of paper work do I need to take to the county court house. Also what affect will it have on my Income tax return?? thank you..

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will have to apply for homestead first and see if you can qualify for it. As far as property documents are concerned, you will have to record your property deed at the county recorder's office where the property is located.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband passed 2 mths ago and left me the house (my name is on the deed) but he to an equity loan out in his own name. I was paying the loan an automatic deduction from cking. And they closed the acc. said I don't have any access to it. Can they do anything to the house, like add it to the morgage?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Martha,

Did the bank give you any reason as to why they suddenly closed your account? I did not understand what you wanted to say by [quote:360fb1c4b1]Can they do anything to the house, like add it to the mortgage?[/quote:360fb1c4b1] The mortgage has been taken using the property as the collateral.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can I homestead my house as a precaution against lawsuits ?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Sylvia,

As far as I know, homestead protects a property from forced sale in order to meet the demands of the creditors. It also provides the surviving spouse with a shelter and also provides an exemption from property taxes which are applied to a home. I don't think homestead will protect your property against lawsuits.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How do you Quilify for a Homestead???

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will find a similar discussion regarding homestead in the given link:
http://www.mortgagefit.com/foreclosure/homestead-protectjudgment.html

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a house in Hubbard County , Minnesota...my daughter lives there so I get homestead privilege for my taxes...I have a house in Michigan and was wondering if I could homestead that..however my second husband to whom I have been married to for seven years owns a home in Minnesota. I signed a prenuptual agreement that excludes me from inheriting his house...it goes to his children...I am not on the deed whatsoever. ...would I be able to Homestead the house in Michigan. What are the basic requirements for me to homestead house in Ironwood Michigan..thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just sent in a message about homesteading in Ironwood Michigan..I stated that I own a house in Minnesota...my daughter lives there so I get homestead taxes I own a home In Ironwood Michigan and am married for the second time..I am not on my husbands deed ...his children are the ones whom the house will be deeded to on the basis that we had a prenuptual agreement done through a lawyer that I will not inherit the house or get any part of it through divorce or death...My taxes are so high in Michigan because I haven't homesteaded it...I pay oaver $1,000.00 on a house worth on tax statement...$21,000 We spend about half the time and both places..sometimes I am in Michigan more and sometimes he is in Minnesota more..please advise me ...SharoLitfin "sheba1945@gmail.com" Will you please send me info to my email adress Thankyou

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sharon,

You will not be able to get homestead benefits on both the properties. It will be available to you for your primary residence. You cannot get a homestead exemption for your second or investment property. If you abandon your primary residence, then you will lose the homestead exemptions. I would suggest you to contact an attorney and take his opinion regarding your situation.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you dont pay your credit cards can a lien be put on your home if you have hoestead exemption

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Not all of you qualify for a homestead exemption. To qualify for it, you should use your house as a primary residence. Moreover, you should reside on that house as on 1st January of that tax assessment year.

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