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TakingStock
LSU Fan
Member since Jun 2009
653 posts
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Homestead Exemption Question


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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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22407 posts

re: Homestead Exemption Question


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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fishfighter
LSU Fan
Baton Rouge
Member since Apr 2008
16433 posts

re: Homestead Exemption Question


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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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
46302 posts

re: Homestead Exemption Question


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





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LSUBrad5277
LSU Fan
North Louisiana
Member since Jan 2011
12079 posts

re: Homestead Exemption Question


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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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
6401 posts

re: Homestead Exemption Question


You can apply for homestead any time before Dec 31





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jguidroz
LSU Fan
South Louisiana
Member since Sep 2006
1588 posts

re: Homestead Exemption Question


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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Revan11
LSU Fan
Baton Rouge
Member since Dec 2007
120 posts

re: Homestead Exemption Question


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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TakingStock
LSU Fan
Member since Jun 2009
653 posts
 Online 

re: Homestead Exemption Question


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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tiger94gop
LSU Fan
GEISMAR
Member since Nov 2004
1571 posts

re: Homestead Exemption Question


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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CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 posts

re: Homestead Exemption Question


File for homestead exemption. Your cash sale will be recorded anyway. It is what it is!





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TakingStock
LSU Fan
Member since Jun 2009
653 posts
 Online 

re: Homestead Exemption Question


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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tiger94gop
LSU Fan
GEISMAR
Member since Nov 2004
1571 posts

re: Homestead Exemption Question


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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