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.

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.

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.

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