a exemption from property taxes which can be applied to a home
a legal provision which exempts from real estate taxation a portion of the value of the permanent residence of the owner
a personal exemption which, in an effort to preserve a person's home, protects a certain amount of an individual's equity in the homestead property
a reduction in homeowners' property taxes
a tax break a property owner may be entitled to if he or she owns a single family residence and occupies it on the first day for the tax year for which they are applying
deduction from the total taxable assessed value of an owner-occupied property.
If you own property which you use as your permanent residence, you may file for homestead exemption through the Martin County Property Appraiser's office. Qualifying for and receiving this exemption could reduce the taxable value of your property by up to $25,000.
A means by which a home owner can reduce the amount of taxes owed on the property if the property is used as the homeowner's residence. Borrowers must contact their local taxing authority to find out if the Homestead Exemption is offered and if they qualify.
Homestead Exemption is a property tax exemption for qualified owners of a bona fide homestead. See Homestead and other exemptions.
An exemption allowed a debtor for a certain amount of equity in the debtor's principle residence. New York debtors are allowed to exempt up to $10,000 of equity, or $20,000 where a husband and wife own the property jointly.
Protection extended by law preventing the forced sale of an owner occupied dwelling by certain creditors.
In Glynn County, a homeowner can lock in their property tax under Homestead Exemption on their primary residence.
A property tax refund based on taxpayer's primary residence.
Portion of your residence (dwelling and surrounding land) that cannot be sold to satisfy a creditorâ€(tm)s claim while you are living.
A state or local tax break that exempts a certain amount of the value of property upon which a property tax is based.
Automatic in Arizona, it allows any resident of Arizona, 18 years of age or older, to exempt from attachment, execution or forced sale $100,000 of equity in a single dwelling unit. Exceptions include (1) process and sale of a consensual lien, i.e. where a deed of trust or equity loan is foreclosed; (2) a forced sale resulting from a mechanic's lien, and (3) any equity beyond the $100,000. (You should consult an attorney to determine if this exemption offers you protection in the event of an attachment, execution or forced sale.)
The amount of homestead protection from unsecured creditors—$50,000 for single persons, $75,000 for families, $100,000 for persons 65 years of age, and $100,000 for disabled persons unable to work.
Homestead exemption is a partial exemption from property taxes which can be claimed by residents of the State of Georgia on their primary residence. Homestead exemption results in a reduction in the property taxes assessed against that property. To be eligible for Homestead Exemption in a given year, the owner must have owned and occupied that property on January 1st of that year. Homestead exemption may be filed any time after the closing date up until March 1st of the following year by taking a copy of your settlement statement and deed to the county tax assessors office.
State or federal bankruptcy laws that protect one's residence from confiscation by a judgment creditor or loss in a personal bankruptcy.
A $25,000 reduction from the taxable value of your property. An even bigger benefit is that a Constitutional Amendment relating to Homesteaded properties states that assessed property value cannot exceed 3% each year following the year you receive homestead exemption. All persons seeking homestead exemption must have legal and equitable title to the property, reside there on or before January 1, and the property must the primary and permanent residence. There is no time limit for residency prior to applying for homestead, not one year, 6 months, or one day. All persons must complete an original application form, in person, at the Office of the Property Appraiser.
Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax. Example : John's principal residence is assessed at $100,000 and the homestead exemption is $7,000. His property taxes will be based on $93,000.
Also known as a Homestead; it is a method (which can be used by either spouse without consent of the other) of protecting a limited amount of equity in a personal residence (by recording a Declaration of Homestead) from unsecured creditors.
Often called "homestead" or "homestead right"; a right given by statute to a householder or head of a family to designate real estate as his/her homestead. Said homestead is exempt, up to a state amount, from execution by creditors. top
Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. Laws enacting such protections are found in state statutes or constitutional provisions which exist in many states in the United States.