Homestead

Question 1

order of homestead tax exemption

Answer 1

1st $25K- exempt from taxes

2nd $25K-fully taxed

3rd $25K- exempt from non-school taxes

4th $25K-fully taxed

Question 2

T/F: There are no restrictions on alienation for homestead exemption.

Answer 2

False

married owner must have spouse consent

Question 3

T/F: Selling your home voids homestead exemption.

Answer 3

False;

Question 4

how do you maintain homestead exemption if you sell your house?

Answer 4

(1) proceeds of sale go to new perm res
(2) w/in reasonable time
(3) and were not comingled

Question 5

Are insurance funds from damage of property protected by Homestead exemption?

Answer 5

yes

Question 6

T/F property appraisers can increase or decrease the value of property any way they see fit

Answer 6

FALSE- Homestead Save our Homes only allows a 3% increase; 10% for non-home