|WikiProject Taxation||(Rated Start-class, Mid-importance)|
|WikiProject Law||(Rated Start-class, Low-importance)|
|WikiProject United States|
In Florida a tv attorney says even the sales procedes from a homestead are exempt if the procededs are used to by another house. Is this correct?
- In Florida, this is correct but only for purchase of another Florida homestead property, and for a limited time. If you don't sink the proceeds into a new homestead within a 'reasonable' time, the proceeds lose homestead exemption status. I don't know what the law might be in any other states. bd2412 T 18:54, 15 December 2006 (UTC)
- This is generally true in a number of homestead states, but like Florida, only if the proceeds are used to buy a new exempt homestead.LH 18:18, 25 August 2007 (UTC)
Regarding Texas claim
I'm pretty sure that Texas requires an application for a homestead exemption (see FAQ and sample application). Whether or not the application process is simply a formality--who knows? Ufwuct 03:54, 7 July 2006 (UTC)
- Aparently so. I've updated the article accordingly. RossPatterson 17:33, 5 May 2007 (UTC)
How to apply for exemption
I live in Arizona and after learning about this Homestead exemption and also for the fact that Americans love to sue, I like to know how to apply in Arizona.
- The homestead exemptions vary state to state. Typically they apply to a home lived in by the owner. Whether or not you have to formally apply is determined state by state, but in most instances it's something that's asserted.LH 18:18, 25 August 2007 (UTC)
Just a reminder, Wikipedia should not be used for legal advice, and people writing articles in these pages are doing so for general encyclopedia purposes, not to give legal advice. So please don't ask for anyone to "advise" you of the law. That's something that can't be legally done on a webpage. If you have legal questions of that nature, you need to contact a lawyer.LH 18:18, 25 August 2007 (UTC)
How do I know that my home is protected by Homestead? My business partner who has kept me in the dark told me that due to real estate market the company is not doing well and that I am risk of loosing my home to creditors. Please advice me what I can do.
Immunity from sale - State Specifics
If someone wants to do a jurisdiction wide survey of homestead exemptions that undertaking might be useful. Right now there are specific examples for 3 states, and that's needlessly arbitrary.
I think that also, any list or table of the state specific exemptions should be in a separate article or table, although if someone thinks they'd be unobtrusive here I'd like to see that.
Finally, while I don't think we need detailed examples of how Texas' exemption statute works in this article, it is important to note the 5 or so states that have no dollar-limit on their exemptions (Texas, Florida, Kansas, Oklahoma, etc.), since they are such a rarity and are a topic that is frequently of interest to people looking at this article. LH (talk) 23:32, 2 September 2008 (UTC)
Use in fraud
Confusing homestead declaration with homestead exemption
This article confuses homestead exemption with homestead declaration. Homestead exemption is the amount by which you can reduce the property tax assessment of your primary residence. In California, it is $7,000. Homestead declaration allows to protect part of the equity on your primary residence, should you be forced to sell it to pay a creditor (other than the taxman, a mortgage holder, or a contractor who worked on the property.) In California, this amount is $50,000 for singles, $75,000 for married, and $150,000 for people over 55 or legally disabled.
Given the high number of people facing foreclosure these days, it is worth mentioning that a homestead declaration cannot save a person from losing his/her home to the bank holding the mortgage. However, it may help if the person files for bankrupcy, as home sale proceeds up to the homestead amount may be protected from unsecured creditors (e.g., credit card debt, car or student loans.)