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  1. 09-22-2008, 07:25 PM #1
    Mochashello
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    Default Homestead Act/Exemption

    Can someone explain the Homestead Act/Exemption to me - just the bottom line, I don't care about the history of it. Does it benefit everybody? Or do you have to qualify? Is it different for each state? I'm in CA. How much can it save?

    I'm sure I could google it but I was hoping somone here could explain it to me in plain English! Thanks!

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  2. 09-23-2008, 09:34 AM #2
    Moor
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    Default

    looking for same sort of info.
    I keep getting side tracked because of all the jumbo info mixed in.

    Can someone please help?
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  3. 09-23-2008, 09:44 AM #3
    Russ
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    Doesn't this vary from State to State?

    Ohio >> http://tax.ohio.gov/divisions/commun...nformation.stm
    Russ

    Truck payments: 10 9 8 7 6 5 4 3 2 1 WAHOO!
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  4. 09-23-2008, 01:04 PM #4
    ansley
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    Default

    I did a quick search for California Homestead Exemption. Every site I went to talked about protecting your property from creditors (except mortgage co.) up to a set amount based on your income. That was my understanding but I'm no lawyer.

    In my state it is a tax break on property you live on/in (renting or renting out will cancel the tax break). That is how I understand it. There may be a tax break similar in your state but called something else.
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  5. 09-23-2008, 01:34 PM #5
    rainbowgc
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    It's suppose to lower your taxes
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  6. 09-23-2008, 09:54 PM #6
    cottageliving
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    The meaning of this and the amounts will vary from state to state. Please call a Real Estate Atty or an Escrow Officer in CA -- they should be able to give you the info you need.
    Jen



    30 yr old DD
    3 kitties (2 adopted from my daughter)


    As of January 1, 2011------------------------ Updated June 10, 2011
    Short term goals:
    - $2,000: to set up my consulting business. DONE! INVESTED ANOTHER $5000!
    - $4,000: down payment gift to daughter to bring her down payment on a house to 20% and avoid PMI. ON HOLD.... her offer wasn't accepted...
    - $1,500: pay off Student loan ALMOST THERE!
    - $1,200: pay off credit card (was disputing with creditor (ALL PREDATORY FEES charged on ZERO BALANCE), but I'm giving up the fight to make this go away...) PUT OFF till June/July
    - $11,600: Pay off Cornerstone car loan by end of May 2011 DONE
    - Complete tax returns by February 15th DONE




    Long term goals:
    Continue to follow a modified Dave Ramsey plan to pay off debt. Progress has been made, but there is much to do...
    Balances January 1, 2011 -----------------June 10, 2011
    Citimortgage on home: $104,500-------- $102,775
    BofA Mtg on Rental: $27,000------------ $26,000(Est)
    HSBC Equity Line on Rental: $11,900------ $9,902
    Citibank car loan: $13,830 -------------- $11,663
    Cornerstone car loan: $11,600------- PAID OFF!!
    Student Loan: $1,500------------------ $320
    Credit card: $1,200-------------------- $1,200
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  7. 09-24-2008, 12:57 PM #7
    Mochashello
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    OK, thanks you guys! :
    Last edited by Mochashello; 09-24-2008 at 12:58 PM.
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