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Selling Home - Homestead Exemption / Closing Question
Posted on 9/10/20 at 2:18 am
Posted on 9/10/20 at 2:18 am
After selling a house do you have to go to the Tax Accessors office to cancel the homestead exemption or does it happen automatically with the sale?
Are there any other things to be taken care of after a closing?
I’ve never done this before & want to make sure I’m not missing anything
TIA
Are there any other things to be taken care of after a closing?
I’ve never done this before & want to make sure I’m not missing anything
TIA
Posted on 9/10/20 at 8:19 am to LSUJML
quote:
After selling a house do you have to go to the Tax Accessors office to cancel the homestead exemption or does it happen automatically with the sale?
Must happen automatically bc I’ve never gone to the office to cancel it. Also, why would it matter to you anyway? You no longer own the property. The taxes on it are no longer your responsibility.
Posted on 9/10/20 at 8:45 am to MikeBRLA
Thanks, I honestly wasn’t sure if there would be paperwork involved
I appreciate the reply, I close this afternoon & am not good with this kind of stuff
I appreciate the reply, I close this afternoon & am not good with this kind of stuff
Posted on 9/10/20 at 9:39 am to LSUJML
I appreciate the reply, I close this afternoon & am not good with this kind of stuff
---------
You could ask someone at closing about the process.
Posted on 9/10/20 at 10:30 am to LSUJML
It will cancel automatically. The title company should prorate the taxes and you'll pay your share at closing. After that you have noting else to worry about.
Posted on 9/10/20 at 10:31 am to LSUJML
Usually happens when the bill of sale is recorded in the records.
Now, you need to take steps to get the homestead exemption on your new house (assuming you are buying a new house).
Now, you need to take steps to get the homestead exemption on your new house (assuming you are buying a new house).
Posted on 9/10/20 at 11:24 am to LSUJML
quote:
I appreciate the reply, I close this afternoon & am not good with this kind of stuff
At the closing the closing papers will probably show that you have some tax obligation for the period you owned the property. That amount will be deducted from your “check” at that time.
The new owner would have to file fir a homestead exemption if they intend to reside at the property. You don’t have to do anything.
Posted on 9/10/20 at 11:50 am to LSUJML
The seller has to do nothing unless he or she has to apply for a homestead exemption on a new house. The tax assessor will cancel the homestead exemption once they pick up from the conveyance office the fact that the property has been sold. The buyer has to apply for their own homestead exemption.
Posted on 9/10/20 at 2:49 pm to geauxpurple
Thanks everyone!
The closing took all of 5 minutes (cash sale)
Cancelled homeowners insurance & headed to change address on drivers license
The closing took all of 5 minutes (cash sale)
Cancelled homeowners insurance & headed to change address on drivers license
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