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Homestead Exemption

Member

Homestead Exemption

While shopping short sales I've noticed some properties do not have Homestead Exemption while others do - Is there a good explanation for this?

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Senior Contributor

Re: Homestead Exemption

Owner never applied or wasn't eligible for it?

 

ETA: Some states require you to apply for the homestead exemption.  It is not automatic.  And I think you always have to have it be your primary residence.  So if the owner wasn't using the house as their primary residence, it wouldn't have the homestead exemption attached.  If you buy the place and use it as your primary residence, you'd be able to apply for the exemption.  Assuming it doesn't have it already, perhaps that affects your property taxes until you are able to apply for it?  I don't know how that aspect works.


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Message 2 of 3
Member

Re: Homestead Exemption

Makes perfect sense, this was probably a rental property where the owner may have lived in a different state and rented it out.

 

Thanks!

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