Posted on: 22nd Sep, 2007 05:17 am
my name and my moms name is on the deed. my mom wants to put the deed solely in my name because this isn't her first home which doesn't allow me homestead exemption. this is my first home but the mortgage is in her name. my question is if she does a quit claim deed will i be eligible for homestead. my property taxes are 5000.00.
Hi shanatisaluv. yes, i think you are eligible for homestead. this deed(quit claim)is executed among family or consort. If the grantor onws the fee simple, he quit claim the property that means the ownership complete transfered.
Hi Shanatisaluv,
Homestead exemption rules vary from state to state which offers a reduction in real property home taxes to qualifying homeowners.
To get qualify there are some criteria, which may also vary state-to-state:
It will better to explain if we can have from which state you are.
Thanks
Homestead exemption rules vary from state to state which offers a reduction in real property home taxes to qualifying homeowners.
To get qualify there are some criteria, which may also vary state-to-state:
- Homeowner must be at least 65 years of age, or permanently and totally disabled.
- Homeowner must own and occupy his or her home (having his or her name on the deed or a life estate).
It will better to explain if we can have from which state you are.
Thanks
Hi Shanatisaluv,
As far as I have understood your question, you wish to apply for homestead on your property itself and you are doubtful as to whether you can get it because your mother has her name on the mortgage against your home.
Homestead exemption applies to property taxes which are paid by the owner himself. In this case, you are the owner. So, you can apply as well as qualify for homestead which will protect your home from liens in case you cannot pay the property taxes. But there is always a limit up to which the exemption can protect you. Beyond that, you should be paying the taxes.
To know more on this topic, refer to an article on Homestead protection .
Hope this helps...
God bless you.
Samantha
As far as I have understood your question, you wish to apply for homestead on your property itself and you are doubtful as to whether you can get it because your mother has her name on the mortgage against your home.
Homestead exemption applies to property taxes which are paid by the owner himself. In this case, you are the owner. So, you can apply as well as qualify for homestead which will protect your home from liens in case you cannot pay the property taxes. But there is always a limit up to which the exemption can protect you. Beyond that, you should be paying the taxes.
To know more on this topic, refer to an article on Homestead protection .
Hope this helps...
God bless you.
Samantha
