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What exactly is Homestead Exemption ?

Discussion in 'BBS Hangout' started by Old School, Sep 19, 2002.

  1. Old School

    Old School Member

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    Can someone explain it to me in english? When I bought my house back in May my realtor said I should fill out the form for it in October. I just need a better explanation of it.

    thanks,
    os
     
  2. bobrek

    bobrek Politics belong in the D & D

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    When your house is "homesteaded" (in other words, it's where you actually live), your property taxes are SIGNIFICANTLY lower. Fill out the paperwork. Generally, once you fill out the paperwork, you don;t have to do it again.
     
  3. Behad

    Behad Member

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    What bobrek said. I could find you the legalese version, but basically, file for the exemption (only once is necessary) and your taxes will be much lower.
     
  4. HayesStreet

    HayesStreet Member

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    Isn't that where we get two mules and 40 acres?
     
  5. pasox2

    pasox2 Member
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  6. Another Brother

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    nah, that's a different story altogether.
     
  7. dc sports

    dc sports Member

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    I believe the first $50,000 of your primary residence (homestead) is exempt from property taxes. In other words, if you have a $100,000 property, your taxes are cut in half.
     
  8. Refman

    Refman Member

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    In Texas there is also homestead protection in the event of bankruptcy. There are only 4 ways you can be forced to sell your homestead (or have a judge sell it for you):
    1) Delinquent mortgage.
    2) Delinquent taxes
    3) Materialman's lien
    4) Delinquent home equity loan

    In other words...so long as all of the above 4 are being paid faithfully, in general your homestead will be protected in the event you have to file for bankruptcy protection.

    As always...please consult a lawyer regarding your circumstances now or in the future. I post this as general information not to be used as a basis for your legal decisionmaking.
     
  9. MadMax

    MadMax Member

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    look at that disclaimer!!! that's a beauty!!! :)
     
  10. Refman

    Refman Member

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    I figured you'd like that...but use it without permission and I'll sue your a$$. :D
     
  11. mrpaige

    mrpaige Member

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    And it was only one mule.
     

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