Explaining Homestead Exemption by primusboy

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									Explaining Homestead Exemption
WHAT IS A HOMESTEAD EXEMPTION?
A Homestead Exemption is a discount taken from the amount of property
taxes you owe per year when the property is registered with the clerk's
office as your primary residence. The Homestead Exemption is meant to
help protect a homeowner from losing their home. The application for
Homestead Exemption varies widely from state to state, however it almost
always applies to the primary place of residence. When you are doing your
research, make sure you ask the county officials if a Homestead Exemption
exists in that county and if so what does it mean to the property owner?
You also need to know how you can tell when you are looking at a property
record where Homestead Exemption is applied.
Here are some common examples of what the Homestead Exemption can mean in
different states.
IT COULD ALLOW THE HOMEOWNER TO PAY LESS TAXESÂ - Oklahoma is a state
where a homeowner with a homestead exemption pays less income taxes. In
Tulsa County, the homeowner's age and income determines how much of a tax
reduction the homeowner will qualify for.
IT COULD LENGTHEN THE REDEMPTION PERIOD - This is the case in Texas. If a
property in Texas has a homestead exemption on it, the redemption period
after the tax deed auction is extended from 180 days to as much as two
years.
IT COULD PROTECT THE PROPERTIES VALUE - Florida uses Homestead Exemption
to protect the value of the property. When a property having a Homestead
Exemption, goes into a tax auction, the minimum bid must start at 50% of
the property's assessed value plus any back taxes owed. The Homestead
Exemption does not affect a Florida Tax Lien auction, only the tax deed
auction.
For more information on the topic we discussed in this article, please
visit us online at http://www.ultimatetaxlienguide.com or
http://www.tedthomas.com
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Government Secured and Guaranteed certificates. His title "The
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