Homestead Flashcards

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1
Q

order of homestead tax exemption

A

1st $25K- exempt from taxes

2nd $25K-fully taxed

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

4th $25K-fully taxed

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2
Q

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

A

False

married owner must have spouse consent

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3
Q

T/F: Selling your home voids homestead exemption.

A

False;

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4
Q

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

A

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

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5
Q

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

A

yes

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6
Q

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

A

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

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7
Q
A
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