|
||
|
||
| Home | Ask Your Question | Mortgage Glossary | ||
Homestead ExemptionStatus provided to a homeowner's principal residence - the dwelling (house and contiguous land) of the head of a family -in some states that protects the home against judgements up to specified amounts. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors. For instance: Florida. The exemption is now $25,000 for property owners who qualify. Also: Property tax exemptions (for all or part of the tax) are also available in some states. A tax break for home owners offered in certain jurisdictions which sees property tax assessments reduced by a certain percentage as a result of the fact that the taxpayer resides in the property. May require evidence of the status of ownership to be filed periodically with taxing authority. |
|
||||||
|
|
>>>> |
 |
<<<< | ||||
Books about: |
|||||||
|
|
Search More Info On: |
|
|
Related Mortgage Definitions: Sheriff Sale Sheriff Sale The sheriff's sale is a public auction held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage. A deed given at the ... more... Tax Sale Tax Sale Property on which current county taxes have not been paid is "sold to the state." At this stage no actual sale takes place - the title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed ... more... Owner Occupied Property Owner Occupied Property A borrower uses the property as a primary residence. An Owner Occupied loan is secured by property, typically with the borrower renting and occupying the space. If more than one unit, the lease payments may directly support principal and interest ... more... Homestead Exemption Homestead Exemption Status provided to a homeowner's principal residence - the dwelling (house and contiguous land) of the head of a family -in some states that protects the home against judgements up to specified amounts. Some states grant statutory exemptions, protecting ... more... |
||
