Homestead Exemption Question
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Homestead Exemption Question
Posted by TakingStock on 10/3 at 10:16 pm
I recently purchased my first home in Louisiana and my agent advised me not to apply for a Homestead Exemption in order to ride out the lower tax rate and instead apply in January 2013. Is this advisable? What documents will I need to bring to the courthouse in order to apply?


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Posted by rmc on 10/3 at 10:50 pm to TakingStock
Probably not a bad idea. Your assessed value is generally going to be what you purchased the house for if you go apply for homestead. The assessor may pick up on it anyway -- I'm not sure they will this late in the year.

You will need to bring a copy of the cash sale/cash deed/whatever its entitled to the tax assessor's office.



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Posted by fishfighter on 10/4 at 6:46 am to rmc
Put it this way. The tax assessor already has a value on the house unless it was just built. And I'm sure they would have it valued if it was just built. Them SOB's go out and take pictures. My house was not even blacked in and it was on the books.

So, save yourself some money and apply now.



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Posted by Croacka on 10/4 at 7:10 am to TakingStock
I got the low rate my first year, but my escrow was fricked up for a couple years


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Posted by LSUBrad5277 on 10/4 at 12:50 pm to fishfighter
They dont take pictures up here that would require to much effort. My neighbor added on a room, front and back porches, and an inground pool and his taxs have stayed the same for three years. Hell mine have only gone up a few bucks since 2002 and ive added lots of stuff to bring up my homes value.


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Posted by fatboydave on 10/4 at 2:34 pm to LSUBrad5277
You can apply for homestead any time before Dec 31


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Posted by jguidroz on 10/4 at 4:40 pm to Croacka
quote:

I got the low rate my first year, but my escrow was fricked up for a couple years


That happened to me as well. Both insurance (after Katrina) and taxes went up the following year and threw my escrow out of whack. After the first year, I got a check back from escrow saying more money was in the account than allowed. Then the third and fourth years, I had higher notes to make up the escrow difference. Pissed me off.



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Posted by Revan11 on 10/4 at 7:22 pm to TakingStock
I didn't file my homestead exemption the first year I owned my home and was refunded for that year. I had to bring them a copy of my HUD and I received a check in the mail about 3 months later from the sheriffs office. so even if you don't file for it you can still get that year back.


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Posted by TakingStock on 10/22 at 7:23 pm to Revan11
Just to bump this topic. I purchased the house in May and have not yet filed with the Assessor for the Homestead Exemption. Should I bring my stamped Act of Cash Sale which includes the Parish Registry #, etc. to apply? I think I'm going to wait until January.


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Posted by tiger94gop on 10/22 at 7:52 pm to TakingStock
The property tax would have been prorated for 5 months depending on when you bought it in May. The previous owner paid that portion out of his proceeds. The rest will be paid by you. Your escrows should reflect the higher tax rate now, but older loans often used the prior homeowner's tax rate. The new laws actually don't allow for this because of the sticker shock in high property tax states. That is supposed to be part of Dodd/Frank. If it is a Federally backed mortgage, it will be right and you may have an over payment.

The assesor doesn't reasses your house if it is sold. Once your cash sale is filed, he already knows what it is worth, the exemption is filed because there are multiple things that effect homestead exemption. Multiple properties, age, all effect the amount you pay in taxes. It is best if you file it about 30 days after closing. It gives them time to record your sale and mortgage.



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Posted by CajunTigerBabe on 10/22 at 8:26 pm to tiger94gop
File for homestead exemption. Your cash sale will be recorded anyway. It is what it is!


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Posted by TakingStock on 10/22 at 9:09 pm to tiger94gop
quote:

It is best if you file it about 30 days after closing. It gives them time to record your sale and mortgage.



Thanks, even if I'm passed that time frame by now, will that create any problems for me?



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Posted by tiger94gop on 10/23 at 8:17 am to TakingStock
No, taxes are due by 12/31. You should file it, get an estimate from them for your taxes and then send it to your mtg company.


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