What is the Homestead Exemption? By obtaining a homestead exemption you get legal protection from some creditors. It protects you from having a creditor force the sale of your home to pay a debt. The exemption also reduces your tax bill by lowering your homes taxable worth. Do you own your own home? If you ...
With foreclosures and bankruptcies on the rise, many property owners are concerned about losing the equity they have in their homes. One of the legal measures that homeowners are exploring is the homestead exemption, sometimes known also known as a homestead declaration. In certain situations, filing a Homestead Exemption may protect your property from being ...
Property taxes in Pennsylvania are relatively high on a national scale. According to the Tax Foundation, Pennsylvania ranked 11th in the U.S. in 2008 in terms of property taxes paid as a percentage of home value (1.34%) and 12th in the country in terms of property taxes as a percentage of income (3.55%). The Pennsylvania ...
Property taxes in Ohio ranked 12th in the country in 2008 in terms of taxes as a percentage of home value at 1.29% according to the Tax Foundation. But starting with property tax bills paid in 2008, Ohio residents who are age 65 or older or disabled can take advantage of an expanded homestead exemption. ...
Property taxes in Mississippi are assessed and collected by counties, municipalities, and school districts. Taxes are calculated as the true value of the property times the assessment ratio. The assessment ratio for single-family, owner-occupied residential property is ten percent. The local millage rates are applied to the assessment value to determine the amount of the ...
Homestead exemption laws can protect your home against a forced sale to meet the demands of your creditors, provide a surviving spouse with shelter, and can save you money on your property taxes. Oklahoma has some of the broadest homestead protection in the country, covering up to 160 acres of land outside a municipality’s corporate ...
Property taxes in Michigan are relatively high compared to other states. According to the Tax Foundation, Michigan ranked ninth in the country in 2008 in terms of property taxes as a percentage of median home value at 1.45%, and tenth in terms of property taxes as a percentage of median homeowner’s income at 3.70%. But ...
Property taxes in South Carolina are assessed by the local counties, cities and school districts. Residential property taxes on the homeowner’s legal residence and up to five acres of land are assessed on 4% of the property’s value. Other residential property such as a second home is assessed at 6% of the value. According to ...
With the current nationwide trend of rapidly increasing real estate property values many homeowners are realizing a dramatic increase in their property taxes that are due each year. In some cases, especially senior citizen homeowners, this increase in property taxes is threatening their ability to afford to live in their homes. Luckily some states have ...
Mississippi, with its friendly people, slower pace of life, and mild winters, plus the fact that the state has one the lowest costs of living in the country, make it an attractive place to retire. According to Visit Mississippi, the state has 21 retirement communities that have passed a certification process based on standards that ...