Homestead Flashcards
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
2
Q
T/F: There are no restrictions on alienation for homestead exemption.
A
False
married owner must have spouse consent
3
Q
T/F: Selling your home voids homestead exemption.
A
False;
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
5
Q
Are insurance funds from damage of property protected by Homestead exemption?
A
yes
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
7
Q
A
