Compare Mortgage Quotes

cmill2849 · Joined: 04 Aug 2007 Posts: 7 4.24 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: 3322 474.67 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 · Posted: Wed Aug 15, 2007 2:18 pm Post subject:

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

Guest

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.

jerry · Posted: Thu Jan 08, 2009 2:27 am Post subject:

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

Guest

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..

Posted: Tue Jan 27, 2009 10:25 pm Post subject:

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.

Guest

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?

jerry · Posted: Sat Feb 14, 2009 2:16 am Post subject:

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

Guest

can I homestead my house as a precaution against lawsuits ?

adonis · Posted: Tue Feb 17, 2009 12:27 am Post subject:

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.

Guest

How do you Quilify for a Homestead???

jameshogg · Posted: Sun Feb 22, 2009 10:07 pm Post subject:

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

Thanks

Guest

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

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
1, 2 Next
Page 1 of 2

Compare Mortgage Quotes

What is a homestead exemption?